In 2007 there were a number of product recalls related
In 2007, there were a number of product recalls related to toys and pet foods. Some of these recalls resulted in lawsuits being filed against the companies involved. Use the Web to find three companies that have been sued over either toy recalls or pet food recalls. Go to the 10-K of those companies to find any information contained therein about the product recall lawsuits. Were the lawsuits recorded or merely disclosed? Indicate why the accounting treatment was used by the company.
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