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Decision# 2 : How should Contingencies be reported? Emily Gallagher is the independednt auditor of...

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Accounting

Decision# 2 : How should Contingencies be reported? Emily Gallagher is the independednt auditor of Tate Manufacturer, a maker of handheld drills and other carpentry tools. Emily is evaluating current lawsuits for the company to determine whether any contingency liabilities should be disclosed. Tate Manufacturing is curretly in litigation for a fire. Tate's attorney has told Emily that it is likely that the manufacturer will lose the case, but he doe snot want to estimate the amount of damages. The attorney is concerned that estimating the amount of damages would establish a dollar amount for settlement and could place their case in jeopardy. What should Emily do? What would you do?

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