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Wilco Inc. is being sued for breach of contract. Wilco's counsel has informed management that there is an 80 percent chance of losing the case

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Wilco Inc. is being sued for breach of contract. Wilco's counsel has informed management that there is an 80 percent chance of losing the case and that the loss would be estimated to cost $5,000,000. Given this information, Wilco should record a $4,000,000($5,000,00080%) liability associated with the lawsuit. True False

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