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How should the two events be reflected

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Problem 1: On November 1, 2020, Joey delivered three large Hawaiian pizzas to a private party. Ten of the 20 guests suffered food poisoning. The 10 guests filed a lawsuit against the pizza delivery company on November 20, 2020 for PhP10 million. The owner of the pizza company intends to fight the lawsuit. On December 1, 2020, Joey was promoted as Head of Delivery Operations of the pizza company. How should these two events (lawsuit and Joey's promotion) be reflected on the restaurant's Notes to the Financial Statements as of the year-end December 31, 2020. Please explain your answer.

Reference no: EM132960702

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