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Case - Accounting for a Loss Contingency for a Verdict Overturned on Appeal
M International ("M") and W Inc. ("W," a competitor of M) have been engaged in longstanding litigation over a specific patent infringement matter. Below is a summary timeline of specific events that have taken place related to this matter:
Required:
1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?
2. For the year-end December 31, 2009, financial statements, should M adjust its liability? If so, what amount should be recorded; and should the amount of the adjustment be considered a 2009 event or a prior period adjustment?
3. Should M record the reduction of the previously recorded loss contingency in 2010 (upon the Court of Appeals overturning the verdict of the jury) or 2011 (once the appellate judges declined W's petition for a re-hearing)?
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