Reference no: EM133074064
Question - MAVS Company a manufacture of electronic greeting cards has had a lawsuit filed against it by Luca Company, another manufacturer of electronic greeting cards. The suit alleges patent right infringements by MAVS Company and asks for compensatory damages.
For the following likely situations, determine how MAVS Company should report the information concerning the lawsuit:
1. MAVS Company's legal counsel estimates that the case may result in a loss of P1,000,000 but considers the likelihood of losing the case as remote
2. MAVS Company's legal counsel estimates that the case may result in a loss of P1,200,000 but considers the likelihood of losing the case as reasonably possible
3. MAVS Company's legal counsel is convinced that the likelihood of losing the case is probable, the potential amount of the loss, however, is currently undeterminable
4. MAVS Company's legal counsel is convinced that the likelihood of losing the case is probable, the potential amount of the loss is estimated to be P 1,150,000
5. MAVS Company's legal counsel is convinced that the likelihood of losing the case is probable, the potential amount of the loss, based on reliable evidences would be as follows: 20% that the liability would be P800,000; 50% that the liability would be at P1,000,000; 30% that the liability would be P1,200,000
6. MAVS Company's legal counsel is convinced that the likelihood of losing the case is probable, the potential amount of the loss, based on reliable evidences would be around P750,000 to P1,500,000.
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