In negotiating and effecting a troubled debt restructuring, the creditor usually incurs various legal costs. The FASB

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In negotiating and effecting a troubled debt restructuring, the creditor usually incurs various legal costs. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.

Required:
1. What is the specific citation that describes the guidelines for reporting legal costs?
2. What is the appropriate accounting treatment?

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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