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Contingent Liabilities The student who crashed into the rocks sues the school to cover his medical bills of $300. Lawyers advise the company that there

Contingent Liabilities

The student who crashed into the rocks sues the school to cover his medical bills of $300. Lawyers advise the company that there is a 10% possibility that they will have to pay. Advise the owners on the way this should be accounted for in the company`s accounts

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