Athabasca Toil & Oil Company, a public company, is a defendant in a lawsuit for improper discharge

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Athabasca Toil & Oil Company, a public company, is a defendant in a lawsuit for improper discharge of pollutants and waste into the Athabasca River. Athabasca's lawyers have advised that it is probable the company will lose this lawsuit and that it could settle out of court for $50,000. Should Athabasca record anything with regard to this lawsuit? Or should it disclose it in the notes to the financial statements? Explain.
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Accounting Principles Part 2

ISBN: 978-1118306796

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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