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Denson Company has been sued by Merck Company for breach of contracts. The attorney for Denson has asserted that it is probable that Denson will

Denson Company has been sued by Merck Company for breach of contracts. The attorney for Denson has asserted that it is probable that Denson will lose the lawsuit and damages are estimated to be paid out in the amount of $250,000 to $400,000. What journal entry, if any, would need to be recorded at year-end? Does the company have any other additional responsibilities related to the disclosure of this information

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