2/31/11 ABC Grocers had a delivery truck drive through the side of one of their stores causing major damages. The delivery truck is owned by an independent party and ABC Grocers is suing the trucking ompany for the $1,000,000 in damages. ABC's lawyers are virtually certain they will win the lawsuit an eceive the full amount of damages. Required: Would ABC Grocers recognize a contingent gain under U.S. GAAP and IFRS? If so, how mu Record necessary adjusting journal entries in their own adjusting journal entry workpaper and also in the espective trial balance worksheet for 12/31/11. nstructor Note: The following exercise looks further at contingency differences between U.S. GAAP and