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Business, 24.10.2019 21:43 gstevens

Bugs, inc., a wholly owned subsidiary of the u. s.-based company, pillows ltd., was notified of a loss contingency with an estimated cost ranging between $50,000 and $150,000. bugs, inc. hired an expert appraiser who assessed that all possible dollar amounts of liability in this range are equally likely. management of bugs, inc. has estimated that there is a 60 percent chance that this contingency will result in an actual loss. according to u. s. gaap, what is the amount recognized by bugs, inc. as a provision for loss contingency?

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Bugs, inc., a wholly owned subsidiary of the u. s.-based company, pillows ltd., was notified of a lo...
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