Knowledge Check 01 Payson Company filed a lawsuit against Leer Company for $1...
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Knowledge Check Payson Company filed a lawsuit against Leer Company for $ million. While the financial statements for Payson are being prepared, the company's attorney advises Payson's management that a settlement in the amount of $ is probable in the case. The potential settlement is material to Payson's financial position. How should Payson reflect this situation in its financial statements? :: 
Knowledge Check
Payson Company filed a lawsuit against Leer Company for $ million. While the financial statements for Payson are being prepared, the company's attorney advises Payson's management that a settlement in the amount of $ is probable in the case. The potential settlement is material to Payson's financial position. How should Payson reflect this situation in its financial statements?
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