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The State of Alabama filed suit against Edwards Chemical Company for violations of water pollution laws in 2015. During 2015, the company accrued a $250,000 loss for litigation. At the end of 2016. Edwards was able to settle with the State for$205,000. What entry should Edwards make when it pays the State in December, 2016?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92821016

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