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AUDIT PRACTICE QUESTIONS: Please answer Part a-b 4. ABC Company has a pending law suit that is probably certain that will result in payment of

AUDIT PRACTICE QUESTIONS:

Please answer Part a-bimage text in transcribed

4. ABC Company has a pending law suit that is probably certain that will result in payment of $1,000,000. Required: a. Prepare general journal entries to record the contingent liability in the books of ABC. b. How will this information be disclosed in the Notes to the Financial Statements of ABC Company

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