Question: In 2011, a contract dispute between Dollis Co. and Brooks Co. was submitted to binding arbitration. In 2011, each partys attorney indicated privately that the

In 2011, a contract dispute between Dollis Co. and Brooks Co. was submitted to binding arbitration. In 2011, each party’s attorney indicated privately that the probable award in Dollis’ favor could be reasonably estimated. In 2012, the arbitrator decided in favor of Dollis. When should Dollis and Brooks recognize their respective gain and loss?

Dollis’ gain Brooks’ loss

a. 2011 2011

b. 2011 2012

c. 2012 2011

d. 2012 2012

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