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The following facts apply to TinyPart Toy Company's pending litigation as of December 31, 2011:
a. TinyPart is defending against a lawsuit and believes there is a 51% chance it will lose in court. If they lose, TinyPart estimates that damages will be $100,000.
b. TinyPart is defending against another lawsuit for which management believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates damages will fall somewhere in the range of $30,000 - $50,000, with each amount in that range equally likely to occur.
Required:
i. Indicate how TinyPart would disclose or account for the lawsuit described in part (a) under IFRS in the financial statements for the year ended December 31, 2011. (2 points)
ii. Indicate how TinyPart would disclose or account for the lawsuit described in part (b) under under IFRS in the financial statements for the year ended December 31, 2011.
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