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Use the following to answer questions 31 and 32:
REFERENCE 11-01
A foreign subsidiary of a U.S.-based company has been notified of a loss contingency with an estimated cost ranging between $220,000 and $250,000 which is probable of resulting in an actual loss. Each dollar amount within this range of cost is equally likely of being the actual outcome.
[QUESTION]
REFER TO: 11-01
-According to U.S.GAAP, what is the amount recognized as a provision for loss contingency?
Futures Exchange
A central marketplace where individuals can buy and sell futures contracts and options on futures contracts.
Delivery Date
The specific date on a futures or options contract on which the underlying asset must be delivered or settled.
Futures Contracts
Standardized legal agreements to buy or sell something at a predetermined price at a specified time in the future.
Organized Exchange
A regulated market where securities, commodities, derivatives, and other financial instruments are traded.
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