(Answered) The following legal claims exist for huprey co identify the

Accounting

The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either

(a) A liability that is recorded or

(b) An item described in notes to its financial statements.

1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,250,000; it is reasonably possible that the plaintiff will win the case.

2. Huprey faces a probable loss on a pending lawsuit; the amount is not reasonably estimable.

3. Huprey estimates damages in a case at $3,500,000 with a high probability of losing the case.

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