The following selected circumstances relate to pending lawsuits for Erismus, Inc. Erismus's fiscal year ends...
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The following selected circumstances relate to pending lawsuits for Erismus, Inc. Erismus's fiscal year ends on December 31. Financial statements are issued in March 2017. Erismus prepares its financial statements according to U.S. GAAP. Required: Indicate the amount Erismus would record as an asset, liability, or not accrued in the following circumstances. 1. Erismus is defending against a lawsuit. Erismus's management believes the company has a sightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,760,000. 2. Erismus is defending against a lawsuit. Erismus's management believes it is probable
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