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Barone, Incorporated is involved with several situations that possibly involve contingencies. Each is described below. Barone's fiscal year ends December 31 , and the 2024 financial statements are issued on March 1, 2025. Discuss the proper accounting treatment (i.e., accrual amount, if required, and disclosure, if required), with your rationale, for each situation. 1. Barone is the plaintiff in a $33 million lawsuit filed against Faze Corporation for damages due to lost profits from rejected contracts and for unpaid receivables. The case is in final appeal and legal counsel advises that it is probable that Barone will prevail and be awarded $25 million. 2. In July 2023, the State of Arkansas filed suit against Barone, seeking civil penalties and injunctive relief for violations of environmental laws regulating hazardous waste. On February 12, 2025, Barone reached a settlement with state authorities. Based upon discussions with legal counsel, the Company feels it is probable that $13 million will be required to cover the cost of violations. 3. Barone is involved in a lawsuit resulting from a dispute with a customer. On January 5, 2025, judgment was rendered against Barone in the amount of $16 million plus interest, a total of \$18 million. Barone plans to appeal the judgment and is unable to predict its outcome though it is not expected to have a material adverse effect on the company