Question: For this problem its asking what would be the appropriate journal entry if required prior to any actual receipt of an award? I'm stuck with

For this problem its asking what would be the appropriate journal entry if required prior to any actual receipt of an award? I'm stuck with it and want to see if you know the solution?

CMN, Inc. enlists the services of outside counsel to assist in a pending litigation matter. Facts of the case indicate CMN may indeed have a case against BJN, Inc. for infringement. Under such case, CMN could receive $10,000,000 when it settles, if in it's favor. It's a probability.

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The facts rule: We have a tendency to have more confidence in information that is documented with figures than information that isnt.

The permanence rule: We tend to have more confidence in information that is of a more permanent nature than information that is of a temporary nature.

The official stamp rule: We tend to have more confidence in information that is exempt from the Freedom of Information Act than if the same information was made readily available.