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Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that...

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Accounting

Buchanan Company recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Buchanan will lose the case and that a reasonable estimate of damages to be paid by Buchanan is $319,480. In light of this case, Buchanan is considering establishing a $109,790 self-insurance allowance. What entry, if any, should Buchanan record to recognize this loss contingency

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