P13-6. Contingency Problem, U.S. GAAP, IFRS. Using the information from P13-5, assume that Exwella Phar maceuticals, Inc., reports under IFRS. Required >> a. Explain how each lawsuit is accounted for under IFRS. Prepare any journal entries required. Under IFRS. Exwella has a contingent liability of $1,000,000 at the beginning of the year related to Nowaya in P13-5. b. Compare the litigation loss and contingency liability at the end of the year under U.S. GAAP from P13-5 and IFRS. es > Chapter 13-Operating Liabilities and Contingencies Chapter 13-Operating Liabilities and Continger Started: Apr 4 at 6:45pm Quiz Instructions Question 1 In a service-type warranty, warranty revenue is not recognized recognized equally over the warranty period recognized only in the last year of the warranty period recognized in the year of sale of the associated product Quiz saved MacBook Air P13-6. Contingency Problem, U.S. GAAP, IFRS. Using the information from P13-5, assume that Exwella Phar maceuticals, Inc., reports under IFRS. Required >> a. Explain how each lawsuit is accounted for under IFRS. Prepare any journal entries required. Under IFRS. Exwella has a contingent liability of $1,000,000 at the beginning of the year related to Nowaya in P13-5. b. Compare the litigation loss and contingency liability at the end of the year under U.S. GAAP from P13-5 and IFRS. es > Chapter 13-Operating Liabilities and Contingencies Chapter 13-Operating Liabilities and Continger Started: Apr 4 at 6:45pm Quiz Instructions Question 1 In a service-type warranty, warranty revenue is not recognized recognized equally over the warranty period recognized only in the last year of the warranty period recognized in the year of sale of the associated product Quiz saved MacBook Air