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Marigold Company recently was sued by a competitor for patent infringement. Attorneys have determined that...

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Accounting

Marigold Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Marigold will lose the case and that a reasonable estimate of damages to be paid by Marigold is $296,500. In light of this case, Marigold is considering establishing a $97,800 self-insurance allowance.

What entry, if any, should Marigold record to recognize this loss contingency?

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