The 16-Bit Corporation, whose December 31, 2019 year-end financial statements were issued February 16, 2020,...
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The 16-Bit Corporation, whose December 31, 2019 year-end financial statements were issued February 16, 2020, had the following transactions. For each transaction, indicate the amount that 16-Bit would show as a current liability on its December 31, 2019 balance sheet under US GAAP. Indicate $ 0 if no amount would be shown as a current liability.
In August, a worker was injured in the factory in an accident partially the result of his own negligence. The worker has sued 16-Bit for $800,000. Counsel believes it is reasonably possible that the outcome of the suit will be unfavorable and that the settlement would cost the company from $250,000 to $500,000
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