Amos Co. is the defendant in several lawsuits: Estimated probability of loss Estimated amount of loss Lawsuit
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Question:
Amos Co. is the defendant in several lawsuits:
Estimated probability of loss | Estimated amount of loss | |
Lawsuit #1 | 5% | $23 million |
Lawsuit #2 | 35% | $13 million |
Lawsuit #3 | 80% | $0 to $16 million |
Lawsuit #4 | 95% | $2 to $9 million |
What is the total minimum amount of liability that Amos must accrue for these pending lawsuit? Report your answer in millions of dollars (i.e., enter "5" for $5 million.)
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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