Contingent liabilities

$$350,000.$

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This is an accrued expense adjusting entry.

company $

$,$ which the company is contesting in court. Although the company

$$ admit fault, legal counsel believes that the fine payment is probable $.$ In addition, an employee has sued the company. A $

Counsel does not $$ believe that the lawsuit has merit. Other lawsuits and unknown liabilities may arise from this incident.