In 2XX1, Pasta Corporation is suing Pas-Tah Company for trademark infringement for $2 million. Pasta Corporation's...

 

Transcribed Image Text:

In 2XX1, Pasta Corporation is suing Pas-Tah Company for trademark infringement for $2 million. Pasta Corporation's legal counsel believes it is probable that Pasta Corporation will win the case, The Court will release the verdict on June 30, 2XX2, Pasta Corporation would will be awarded $2 million by the Court in 2XX2 On December 31, 2XX1, Pasta Corporation should No Entry in 2XX1 No Disclosure in 2XX1 No Journal Entry, but the Company should add a disclosure to the Notes to the Financial Statements reporting the future probable gain Record a receivable for $2,000,000 and a Gain of $2,000,000, No disclosure the Notes to the Financial Statements reposting the future probable gain O Record a receivable for $2,000,000 and a Gain of $2,000,000, along with a disclosure in the Notes to the Financial Statements O In 2XX1, Pasta Corporation is suing Pas-Tah Company for trademark infringement for $2 million. Pasta Corporation's legal counsel believes it is probable that Pasta Corporation will win the case, The Court will release the verdict on June 30, 2XX2, Pasta Corporation would will be awarded $2 million by the Court in 2XX2 On December 31, 2XX1, Pasta Corporation should No Entry in 2XX1 No Disclosure in 2XX1 No Journal Entry, but the Company should add a disclosure to the Notes to the Financial Statements reporting the future probable gain Record a receivable for $2,000,000 and a Gain of $2,000,000, No disclosure the Notes to the Financial Statements reposting the future probable gain O Record a receivable for $2,000,000 and a Gain of $2,000,000, along with a disclosure in the Notes to the Financial Statements O

Answer rating: 100% (QA)

The detailed answer for the above question is provide... View the full answer