the following legal claims exist for the doucet company classify the required accoun 4375623

The following legal claims exist for the Doucet Company. Classify the required accounting treatment for each legal situation as (a) a liability should be recorded, or (b) the legal claim need only be described in the notes to the financial statements.a. Doucet faces a probable loss on a pending lawsuit; however, the amount of the judgement cannot be reasonably estimated.b. A plaintiff is suing Doucet Company for a damage award of $1,200,000; it is not probable that the plaintiff will win the case.c. Doucet Company estimates damages of another case at $3,000,000 and it is probable that Doucet will lose the case.View Solution:
The following legal claims exist for the Doucet Company Classify

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