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Harrington Company was sued by an employee in late 2017. General counsel concluded that there was an 70 percent probability that the company would lose the lawsuit. The range of possible loss is estimated to be $32,000 to $76,000, with no amount in the range more likely than any other. The lawsuit was settled in 2018, with Harrington making a payment of $63,000.
Required:
Problem a. Prepare journal entries for this lawsuit for the years ending December 31, 2017, and December 31, 2018, under (1) U.S. GAAP and (2) IFRS.
Problem b. Prepare the entry(ies) that Harrington would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS.
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