Buchanan co recently was sued by a competitor for patent

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Buchanan Co. recently was sued by a competitor for patent infringement. Attorneys have determined that it is probable that Buchanan will lose the case and that a reasonable estimate of damages to be paid by Buchanan is $300,000. In light of this case, Buchanan is considering establishing a $100,000 self-insurance allowence. What entries, if any, should Buchanan record to recognize this loss contingency?

Reference no: EM13602646

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