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Existing claims related to product warranties and litigation as of December 31, 2010, indicate that it is probable that a liability has been incurred. However, as of December 31, 2010, the exact amount of the obligation cannot be reasonably estimated, but a range of possible amounts has been determined. Based on these facts, an estimated loss contingency should be

a. accrued

b. neither accrued nor disclosed

c. disclosed but not accrued

d. classified as an appropriation of retained earnings

Accounting Basics, Accounting

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  • Reference No.:- M946859

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