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Nicole, Inc. uses iGAAP for its external financial reporting. During 2009, an employee of the company was injured in the factory. Discussions with corporate attorneys resulted in a determination that the company would be required to pay between $1,000,000 and $2,000,000 to settle the injury claim. Nicole, Inc. accrued a contingent liability on December 31, 2009 for $1,000,000. On February 4, 2011, Nicole, Inc. settled the lawsuit for $2,200,000. What amount of loss should be reported on the income statement for the year ended December 31, 2010 for Nicole, Inc. related to this lawsuit?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972015

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