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X company is suing Y Company for $6 million. X Company's lawyer estimates that there is a probability of 70% that x Company will win
X company is suing Y Company for $6 million. X Company's lawyer estimates that there is a probability of 70% that x Company will win the case and receive $6 million. x Company should deal with this: Select one: a. By disclosing details of the case in the Notes to the accounts but NOT recognizing an Asset in the Balance Sheet b. By recognizing a liability of $1 million c. By recognising an asset of $4 million d. By ignoring the case completely in the Financial Statements e. None of these options Clear my choice
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