Business, 04.08.2020 18:01 miyiab7666

The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements.1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case. a. A liability that is recorded. b. An item described in notes to its financial statements.2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable. a. An item described in notes to its financial statements. b. A liability that is recorded.3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable. a. An item described in notes to its financial statements. b. A liability that is recorded.

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The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as...