Question
(Bonus) In May of 2021, Ashton Bank came under investigation for potential fraud with the Consumer Financial Protection Bureau. At 12/31/2021, the legal attorney forg
(Bonus) In May of 2021, Ashton Bank came under investigation for potential fraud with the Consumer Financial Protection Bureau. At 12/31/2021, the legal attorney forg Ashton indicated that it was reasonably possible for the company to plead guilty. The penalties were estimated to be as high as $250 million. In June of 2022, after the 2021 financial statements were issued. Ashton entered a plea agreement with the CFPB to avoid criminal convictions and paid a penalty of $100 million. Ashton should have reported an accrued liability on its 12/31 2021. balance sheet of: $100 mil $0. O $250 mil. O $175 mil. 4
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