Question

Siddle Corp. was recently sued by a competitor for patent infringement. Lawyers have determined that it is likely that Siddle will lose the case and that a reasonable estimate of damages to be paid by Siddle is $200,000. In light of this case, Siddle is considering establishing a $100,000 self-insurance allowance. Siddle follows private enterprise GAAP.
What entry(ies), if any, should Siddle record to recognize this loss contingency?


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  • CreatedAugust 23, 2015
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