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Aeoves, Ino, has a December 31, 2022 year-end. At the end of 2022 , Reeves...

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Accounting

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Aeoves, Ino, has a December 31, 2022 year-end. At the end of 2022 , Reeves had pending utigation trom a hot dog roller that caught fire at a customer's convenience store in November 2022. The litigation was filed in December 2022 and settled in February 2023. How should Reeves report this in the 2022 Financial statements that whi be issued in March 2023 ? Assume the settloment is material. Disclose the firat settiement in the footnotes of the financial ztatements onily Adjust the Financial Statements to recognize the final settement amount Nothing has to be done since it was not settled until 2023

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