On January 3, 2018, the Crane Company owned a machine that had cost $396,000. Accumulated depreciation was $239,000, estimated salvage value was $23,900, and fair value was $638,000. On January 4, 2018 , Wildhorse damaged this machine beyond repair and it lost its value. In October 2018, a court awarded $480,000 in damages against Wildhorse in favour of Crane. As of December 31, 2018, the final outcome of this case was pending appeal and therefore uncertain. However, in the opinion of Crane's attorney, Wildhorse's appeal will be denied. 

As of December 31, 2018, how much must Crane accrue for this gain contingency?

Answer rating: 100% (QA)

As of December 31 2018 Crane must accrue for the gain contingency based on the information provided ... View the full answer