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Aleks [24]
4 years ago
6

way Travel filed suit against West Coast Travel seeking damages for copyright violations. Away Travel's legal counsel believes i

t is probable (but not certain) that Away Travel will win the lawsuit for an estimated amount in the range of $100,000 to $200,000, with all amounts in the range considered equally likely. How should Away Travel report this litigation?
Social Studies
1 answer:
kolbaska11 [484]4 years ago
3 0

Answer:

As a disclosure only. No receivable is reported.      

Explanation:

            Away Travel is travel agency and Away Travel agency has filed a suit against another travel agency West Coast Travel agency.

           The legal counsel of Away Travel believes that they will win the litigation and will get a sum of money in the range of $100,000 to $200,000.

            So Away Travel should report this law suit as a disclosure only. Away Travel should released and submit their documents before the law. And no recovery of the money is reported.

Thus the answer is ---

As a disclosure only. No receivable is reported.    

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