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ABC faces a lawsuit with a probable loss expected to fall in the range of $110,000 to $130,000, with any amount in that range equally

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ABC faces a lawsuit with a probable loss expected to fall in the range of $110,000 to $130,000, with any amount in that range equally likely. ABC faces another lawsuit with a reasonably possible loss of $160,000. According to GAAP, the company will account for the lawsuits by recording a total contingent liability of Click to select) $110,000 $280,000 $160,000 $120,000

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