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Analyze the following independent situations.
Required: For each situation,state the likelihood of a future event and state how the contingency will be reported.
a.Company A estimates it will have to pay $85,000 in warranty repairs next year.
b.Company B is being sued by a customer.Company B's attorneys feel that this is a frivolous lawsuit and there is very little chance that the customer will win.
c.Company C co-signed a note payable for Company D.Company D is having serious financial problems and it is reasonably possible that Company C will have to pay the note.
d.Company E is being sued for a patent infringement.Company E's attorney feels that Company E will be found liable for damages caused by the patent infringement.However,the attorney states it is not possible to estimate the amount of the award.
Age Of Jackson
A period in U.S. history (1829–1837) marked by the presidency of Andrew Jackson, characterized by the expansion of democracy and the rise of the common man's political power.
Property Qualifications
Criteria mandating the ownership of a certain amount of property to enjoy specific rights, such as voting or holding public office, historically used to limit the political participation of certain groups.
Voting
The act of expressing a choice or preference in a decision-making process, often seen in democratic societies for electing leaders or making decisions on policies.
Nineteenth Century
A period extending from January 1, 1801, to December 31, 1900, marked by industrial revolution, colonial expansion, and major social reforms.
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