Question: In question will be sent to your instructor for grading A Co. filed suit against T Inc. in 2021 seeking damages for patent infringement. At

In question will be sent to your instructor for grading A

In question will be sent to your instructor for grading A Co. filed suit against T Inc. in 2021 seeking damages for patent infringement. At December 31, 2021. legal counsel for A believed that it was probable that Z would be successful against T for an estimated amount in the range of $20 million to $40 million, with each amount in that range considered equally likely. A was awarded $40 million in April 2022. Also, A Co. estimates for 2021 that it is probable that it will pay a $150,000 loss contingency. Instructions: Prepared the necessary journal entries for 2021

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