Benjamin Company uses IFRS, while Iris, Inc. uses U.S. GAAP, for their externalfinancial reporting. On January 16, 2015, both companies settled lawsuits relating toindustrial accidents that occurred in 2013. Benjamin Company paid $550,000 and Iris, Inc.paid $230,000. Assuming that no accrual had been previously made, what amount of lossshould be reported on the income statement for the year ended December 31, 2014 foreach company? 
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An agreement that is valid under the law and contains all the essential elements making it enforceable and binding.
Definition
A statement that explains the meaning of a term or phrase, clarifying its notion and context within a particular field.
Technical Requirements
Detailed specifications to which a product, service, or system must adhere.
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A document in writing that promises to pay a specified sum of money, either upon request or at an agreed-upon date, with the document specifying the individual responsible for payment.
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