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Huprey Co. is the defendant in the following legal claims. For each of following claims, does Huprey (a) record a liability, (b) disclose in notes,
Huprey Co. is the defendant in the following legal claims. For each of following claims, does Huprey (a) record a liability, (b) disclose in notes, or (c) have no disclosure.
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,390,000it is probable that Huprey will lose the case.
- Have no disclosure.
- Disclose in notes.
- Record a liability.
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable.
- Record a liability.
- Disclose in notes.
- Have no disclosure.
3. Huprey is being sued for damages of $2,260,000. It is very unlikely (remote) that Huprey will lose the case.
- Disclose in notes.
- Record a liability.
- Have no disclosure.
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