A company is facing a class-action lawsuit in the upcoming year. It is possible, but...
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Accounting
A company is facing a classaction lawsuit in the upcoming year. It is possible, but not probable, that the company will have to pay a settlement of approximately $ How would this fact be reported in the financial statements to be issued at the end of the current month?
a $ in the Current Liability section
b $ in the LongTerm Liability section
c In a descriptive narrative in the footnote section
d None because disclosure is not required
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