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Fifo inc, is being sued by one of its customers for $1,000,000. the likelihood of the losing the lawsuit is remote and he case will
Fifo inc, is being sued by one of its customers for $1,000,000. the likelihood of the losing the lawsuit is remote and he case will be resolved in the next 12 months. what is the correct accounting treatment?
A brief description of the lawsuit is disclosed in the notes
record a non current liability of a millino
record a current liability of a million
decrease retained earnings by a million
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