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MALAKAS Company accounting year ends December 31, 2020 and its financial statements are authorized for issue on March 20, 2021. On December 5, 2020, MALAKAS

MALAKAS Company accounting year ends December 31, 2020 and its financial statements are authorized for issue on March 20, 2021. On December 5, 2020, MALAKAS Company initiated a lawsuit seeking Php 1,000,000 in damages from a patent infringement. 1. Determine the appropriate means of reporting and explain the concept behind. Prepare any necessary journal entries on December 31, 2020 if applicable.

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