Question: Contingent Liabilities : Evans & Sons, Inc., received notification from a local attorney that the company was being sued for $5,000,000 for patent infringement. A

Contingent Liabilities : 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

companys CEO led to the conclusion that Evans & Sons had indeed infringed upon the other com-

panys 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?

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