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Lennon Company is reviewing its legal claims and contingencies before releasing its annual report. There...

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Accounting

Lennon Company is reviewing its legal claims and contingencies before releasing its annual report. There are several lawsuits pending against the company, shown in the table below. How much expense will Lennon recognize for these lawsuits? Amount Probability of Loss $ 15,000 30% $ 40,000 60% $ 30,000 95% $ 150,000 Unknown Unknown 50%

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