Please answer only the 4,5,6. Thankyou. the case is probable, the potential amount of the loss, based on reliablePROBLEM 26-28 ContingenciesVic Incorporated, another manufacturer of viagra. The suit alleges patent rightDwayne Company, a manufacturer of viagra has had a lawsuit filed against it byoru becinfringements by Dwayne Company and asks for compensatory damages.For the following likely situations, determine how Dwayne Company shouldreport the information concerning the lawsuit. The choices are:a.Accrue and disclosecombijeroqb. Disclose onlyAccrue onlyd. Neither accrue nor disclose1000 iM000,000,S9С.Assume the following independent cases:1. Dwavne Comnany's legal counsel estimates that the infringement case mayre? caseas remote.2. Dv- onvinced that the likelihood of losingthno P2,300.000.3.stimated to beD-nt case maybed ITII a 10SS Of rz,TUU,UU0 put CONSIUETS tilE IKTIIuuu v-Ang the caselo as reasonably possible. red nd neol.4. Dwayne Company's legal counsel is convinced that the likelihood of losingthe case is probable, the potential amount of the loss, however, is currentlyundeterminable.5. Dwayne Company's legal counsel is convinced that the likelihood of losingthe case is probable, the potential amount of the loss, based on reliablebrstevidence would be as follows: 20% that the liability would be P1,600,000;50% that the liability would be at P2,000,000; 30% that the liability wouldbe P2,400,0006. Dwayne Company's legal counsel is convinced that the likelihood of losiigevidence would be around P1,500,000 to P3,000,000.290t:2.S ai ober InsTu IT

What is meant by Contingent Liabilities? When a company is having a possible obligation that is…

Dwayne Company, a manufacturer of viagra has had a lawsuit filed against it by PROBLEM 26-28 Contingencies a Vic Incorporated, another manufacturer of viagra. The suit alleges patent infringements by Dwayne Company and asks for compensatory damages. For the following likely situations, determine how Dwayne Company shoula report the information concerning the lawsuit. The choices are: fnerassige Accrue and disclose b. Disclose only Accrue only d. Neither accrue nor disclose a. 1000 iM 000,000 S С.

Dwayne Company, a manufacturer of viagra has had a lawsuit filed against it by PROBLEM 26-28 Contingencies a Vic Incorporated, another manufacturer of viagra. The suit alleges patent infringements by Dwayne Company and asks for compensatory damages. For the following likely situations, determine how Dwayne Company shoula report the information concerning the lawsuit. The choices are: fnerassige Accrue and disclose b. Disclose only Accrue only d. Neither accrue nor disclose a. 1000 iM 000,000 S С.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 9Q

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