Question

Sandy Shoes Foot Inc. is involved in regarding a there product sold in a prior year. The company has possible and determined it is that consulted its eys estimated that they may lose the case. The case, their attorney 40% chance of losing. If this is the be S800,000. estimated that the amount of any payment would this What is the journal entry as a result of tion? A) Debit Litigation Expense for S800,000 and credit Litigation liability for S800,000. BO No journal entry required S320,000 and credit CO Debit Litigation Expense credit Litigation Liability for S320,000. and DO Debit Litigation Expense for S480,000 far s480,000.



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