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Sandy Shoes Foot Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and

Sandy Shoes Foot Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and the attorneys estimate that there is an

80 %

chance of losing. If this is the case, the attorney estimate that the amount of any payment would be $

800, 000 .

What is the required journal entry as a result of this litigation?

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