Swell Company has a lawsuit pending from a customer claiming damages of $100,000. Swell's attorney...
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Accounting
Swell Company has a lawsuit pending from a customer claiming damages of $100,000. Swell's attorney advises that the likelihood the customer will win is remote. GAAP requires at a minimum that this contingent liability be A. recorded as a journal entry, as well as disclosed in the footnotes. B. No disclosure is required. C. disclosed in the footnotes, with ranges of potential loss. D. disclosed in the footnotes
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