Evans & Sons, Inc., received notification from a local attorney that the company was being sued for $5,000,000 for patent infringement. A review of the situation by the company’s CEO led to the conclusion that Evans & Sons had indeed infringed upon the other company’s patented product. Nonetheless, the CEO thought the amount of $5,000,000 was excessive and intended to litigate the issue. How should the lawsuit be reported in Evans & Sons’ annual report?

Answer rating: 100% (QA)

Answer In the given case the loss from lawsuit is probable h... View the full answer