A customer slipped and fell in the produce department of your grocery store. The customer filed suit. Your attorney expects the amount of loss to range from $400,000 to $700,000. Summarize the guidance that discusses all the conditions that must be met in order for store owner to accrue a loss. If the conditions are met, for what amount should the loss be accrued? Also, discuss any special disclosure requirements, if applicable.

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When a customer slips and falls in a store the store owner might need to accrue a loss if certain co... View the full answer