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BJN, Inc. enlists the services of outside counsel to assist in a pending litigation matter. Facts of the case indicate BJN may indeed have loss
BJN, Inc. enlists the services of outside counsel to assist in a pending litigation matter. Facts of the case indicate BJN may indeed have loss exposure to CMN, Inc. for infringement. Under such case, BJN Inc. could end up paying $10,000,000 when it settles. It is highly probable BJN will lose.
a. Record the appropriate journal entry, if required, for BJN prior to any actual award of damages.
b. Record the journal entry if the case settled for $8,500,000
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