Reeves Company filed suit against Higgins, Incorporated, seeking damages for copyright violations. Higgins' legal counsel...
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Reeves Company filed suit against Higgins, Incorporated, seeking damages for copyright violations. Higgins' legal counsel believes it is probable that Higgins will settle the lawsuit for an estimated amount in the range of $140,000 to $240,000, with all amounts in the range considered equally likely. How should Higgins report this litigation? Multiple Choice As a liability for $240,000 with disclosure of the range In a disclosure only; no liability is reported As a liability for $140,000 with disclosure of the range As a liability for $190,000 with disclosure of the range
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Reeves Company filed suit against Higgins, Incorporated, seeking damages for copyright violations. Higgins' legal counsel believes it is probable that Higgins will settle the lawsuit for an estimated amount in the range of $140,000 to $240,000, with all amounts in the range considered equally likely. How should Higgins report this litigation? Multiple Choice As a liability for $240,000 with disclosure of the range In a disclosure only; no liability is reported As a liability for $140,000 with disclosure of the range As a liability for $190,000 with disclosure of the range 