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The Environmental Protection Agency (EPA) is in the process of Investigating a possible water contamination...

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Accounting

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The Environmental Protection Agency (EPA) is in the process of Investigating a possible water contamination issue at the manufacturing facility of Northwest Forest Products. The EPA has not yet proposed a penalty assessment Management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement is estimated between $20 and $30 million Which of the following statements is true? Multiple Choice A loss must be recorded for $20 million and a liability must be recorded for $30 million A disclosure note should be included in the financial statements, without an entry A loss must be recorded for $30 million and a liability must be recorded for $20 milion O A loss and a liability must be recorded for $20 million

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