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Problem #18 The First Disaster Company is currently being sued by several former customers. For the two independent scenarios below, describe what accounting actions should
Problem #18 The First Disaster Company is currently being sued by several former customers. For the two independent scenarios below, describe what accounting actions should be taken by the company (use complete sentences): Attorneys for the company state that First Disaster could possibly lose the suit (though unlikely); aliability amount cannot be estimated, however. a. b. Attorneys for the company state that First Disaster will probably lose the suit, and will probably be liable for $7 million
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