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CP 9-8 ClaimsRUs Corp. is the defendant in three lawsuits: Claim 1: It is possible that the lawsuit will be successful. Damages are estimated at
CP 9-8 ClaimsRUs Corp. is the defendant in three lawsuits: Claim 1: It is possible that the lawsuit will be successful. Damages are estimated at $1.5 million. Claim 2: It is probable that this lawsuit will be successful. Damages cannot be reasonably estimated as yet. Claim 3: It is probable that this lawsuit will be successful. Damages are estimated at $1 million. Required: Identify the accounting treatment for each claim
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