Optichem Corporation is a manufacturer of toxic solvents. In October 2021, Optichem was notified of...

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Accounting

Optichem Corporation is a manufacturer of toxic solvents. In October 2021, Optichem was notified of a class-action lawsuit involving one of its former products. Optichem's attorneys have advised it is highly likely they will be held liable for damages ranging from $3,500,000 to $9,000,000. They further advised that Optichem would likely be able to recover at least 50% of damages from their suppliers.



What should Optichem record and/or disclose as a result of the facts?

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