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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On October 15th, a Dunn Corp, truck was in an accident with an auto driven by C. Jameson. November 30th Dunn received notice of a lawsuit for $200,000 in damages for personal injuries suffered by Jameson. Dunn Corp.'s legal counsel believes it is probable that C. Jameson will be awarded an estimated amount in the range between $75,000 and $150,000, and that $125,000 is a better estimate of potential liability than any other amount. What is the liability Dunn should record if any on December 31, Dunn's fiscal year-end? $200,000 $112.500 $150,000 $125,000 Clear my selection
Transcribed Image Text:On October 15th, a Dunn Corp, truck was in an accident with an auto driven by C. Jameson. November 30th Dunn received notice of a lawsuit for $200,000 in damages for personal injuries suffered by Jameson. Dunn Corp.'s legal counsel believes it is probable that C. Jameson will be awarded an estimated amount in the range between $75,000 and $150,000, and that $125,000 is a better estimate of potential liability than any other amount. What is the liability Dunn should record if any on December 31, Dunn's fiscal year-end? $200,000 $112.500 $150,000 $125,000 Clear my selection
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