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Identify the accounting treatment for each claim

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Reference no: EM133176138

Question - ClaimsRUs Corp. is the defendant in three lawsuits:

Claim 1: It is possible that the lawsuit will be successful. Damages are estimated at $1.5 million.

Claim 2: It is probable that this lawsuit will be successful. Damages cannot be reasonably estimated as yet.

Claim 3: It is probable that this lawsuit will be successful. Damages are estimated at $1 million.

Required - Identify the accounting treatment for each claim.

Reference no: EM133176138

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