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Huprey Company is the defendant in the following legal claims. For each of the following separate claims, indicate whether Huprey should (a) record a liability,
Huprey Company is the defendant in the following legal claims. For each of the following separate claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (d) have no disclosure. 1. Huprey faces the possibility of a loss on a pending lawsuit. It is reasonably possible that Huprey could be required to pay damages. However, it cannot estimate amounts owed 2. Huprey is very unlikely to lose a pending lawsuit Huprey cannot reasonably estimate the amount of damages to be paid if it loses the lawsuit 3. Huprey can reasonably estimate that a pending lawsuit will result in damages of $1.250,000. It is probable that Huprey will lose the case
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