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Soft-Sell is the defendant in numerous lawsuits claiming unfair trade practices. Soft-Sell has 2 strong...

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Accounting

Soft-Sell is the defendant in numerous lawsuits claiming unfair trade practices. Soft-Sell has 2 strong incentives to not disclose these contingent liabilities. However, GAAP requires that companies report their contingent liabilities.Required1. Why would a company prefer not to disclose its contingent liabilities?2. Describe how a bank could be harmed if a company seeking a loan did not disclose its contingent liabilities.3. What ethical tightrope must companies walk when they report contingent liabilities?

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