The Magicians Wand Company is being sued by a magician for selling him a faulty...
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The Magicians Wand Company is being sued by a magician for selling him a faulty wand that caused the wizard defamation and personal brand damage. The maximum amount of damages that could be paid is $The Magicians Wand Companys inhouse lawyers expect that the lawsuit will likely be settled prior to litigation and they reliably estimate that the settlement would cost the company $ They are certain of this outcomethis outcome is more likely than not to occur, based on the company's present obligations. The company anticipates the settlement to occur in How should they record the pending litigation as of December Group of answer choices They should record an expense and a liability for $ They should record an expense and a liability for $ They should record an expense and an asset for $ They should record an expense and an asset for $ They should not record the pending litigation in the financial statements at all.
The Magicians Wand Company is being sued by a magician for selling him a faulty wand that caused the wizard defamation and personal brand damage. The maximum amount of damages that could be paid is $The Magicians Wand Companys inhouse lawyers expect that the lawsuit will likely be settled prior to litigation and they reliably estimate that the settlement would cost the company $
They are certain of this outcomethis outcome is more likely than not to occur, based on the company's present obligations.
The company anticipates the settlement to occur in How should they record the pending litigation as of December
Group of answer choices
They should record an expense and a liability for $
They should record an expense and a liability for $
They should record an expense and an asset for $
They should record an expense and an asset for $
They should not record the pending litigation in the financial statements at all.
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