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What amount of estimated liability should the firm report

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Question: On December 31, 2020, Illinois Company was a defendant in a pending lawsuit. The suit arose from the alleged defect of a product that the firm sold in 2019. In the opinion of the company's attorney, it is probable that Illinois will have to pay P600,000 and it is reasonably possible that the firm will have to pay P800,000 as a result of this lawsuit.

What amount of estimated liability should the firm report in its December 31, 2020 Statement of Financial Position? Explain.

Reference no: EM132747952

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