Please help with this case question. The purpose is to find the Accounting Standards Codification (ASC code) that relates to the issue to explain your answer as well (Please do not just give an answer) based on the case scenario in the picture. Read the requirements carefully. Make sure to detail the issue with as much detail as possible with your solution (with the ASC citation). Thanks. Please be sure to include code and section (if applicable)!

Baldwin Products Case Two corporations were engaged in a legal dispute about the infringement of a patent right. Baldwin Products, Inc. and a competitor, Lima Corp., are the parties involved in court litigation. Below is a summary timeline of specific events which have occurred related to this matter: In May 2015, Lima filed a claim against Baldwin for patent infringement. For the year ended December 31, 2015, management of Baldwin determined that a loss for this matter was probable and represented that the estimate of loss was in the range of $20 million to $30 million, with $24 million being a reasonable estimate of the most likely amount of loss within the range. A jury trial took place in September 2017. The jury reached a verdict on September 15, 2017, and a judgment was ordered in favor of Lima. The judgment required Baldwin to pay Lima $27 million. In November 2017, Baldwin filed a Notice of Appeal with the Court of Appeals. In December 2018, the Court of Appeals issued a ruling in favor of Baldwin's appeal and reversed the lower court's ruling on the matter. This meant that the Court of Appeals overturned the jury verdict and the $27 million judgment against Baldwin. On January 6, 2019, Lima filed a petition for a re-hearing before the same panel of appellate judges against the reversal of ruling by the Court of Appeals. On February 10, 2019, the appellate judges declined the petition for a re-hearing. On February 28, 2019, management of Baldwin determined this matter was closed upon discussions with in-house legal counsel. 2. For the year-end December 31, 2017, financial statements, should Baldwin adjust its liability? If so, what amount should be recorded? Should the amount of the adjustment be considered a 2017 Income Statement reported event or a prior period adjustment? Baldwin Products Case Two corporations were engaged in a legal dispute about the infringement of a patent right. Baldwin Products, Inc. and a competitor, Lima Corp., are the parties involved in court litigation. Below is a summary timeline of specific events which have occurred related to this matter: In May 2015, Lima filed a claim against Baldwin for patent infringement. For the year ended December 31, 2015, management of Baldwin determined that a loss for this matter was probable and represented that the estimate of loss was in the range of $20 million to $30 million, with $24 million being a reasonable estimate of the most likely amount of loss within the range. A jury trial took place in September 2017. The jury reached a verdict on September 15, 2017, and a judgment was ordered in favor of Lima. The judgment required Baldwin to pay Lima $27 million. In November 2017, Baldwin filed a Notice of Appeal with the Court of Appeals. In December 2018, the Court of Appeals issued a ruling in favor of Baldwin's appeal and reversed the lower court's ruling on the matter. This meant that the Court of Appeals overturned the jury verdict and the $27 million judgment against Baldwin. On January 6, 2019, Lima filed a petition for a re-hearing before the same panel of appellate judges against the reversal of ruling by the Court of Appeals. On February 10, 2019, the appellate judges declined the petition for a re-hearing. On February 28, 2019, management of Baldwin determined this matter was closed upon discussions with in-house legal counsel. 2. For the year-end December 31, 2017, financial statements, should Baldwin adjust its liability? If so, what amount should be recorded? Should the amount of the adjustment be considered a 2017 Income Statement reported event or a prior period adjustment