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How did affect the financial statements

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Reference no: EM132488146

Point 1: In 2010 BP initiated a lawsuit against Anadarko Petroleum - its partner with a 25% stake in the Macondo well - accusing the company of gross negligence. BP sued for 25% of BP's costs associated with the incident.

Question 1: In 2011, the litigation was settled for $4 billion. How did this affect the financial statements (show the appropriate journal entry)?

Reference no: EM132488146

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