Answer:
1. The likelihood of a payment occurring is probable, and the estimated amount is $1.14 million.
- Dr Law suit loss 1,140,000
- Cr Law suit liability 1,140,000
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.94 to $1.14 million.
- Dr Law suit loss 940,000
- Cr Law suit liability 940,000
US GAAP allows companies to record probable losses at lowest estimated value.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.14 million.
- no journal entry is required, only a disclosure in the footnotes of the financial statements.
A contingent liability (or loss) that is only possible, but not probable, does not need to be journalized and recorded. It only needs to be disclosed in the footnotes of the financial statements.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.14 million.
- no journal entry is required
A contingent liability (or loss) that is remote, does not need to be journalized or recorded, nor included in the footnotes of the financial statements.
Answer:
The answer is "Choice C".
Explanation:
The federal securities legislation governs its sales or offering of stock, investment management, the companies of some industry professional persons, investment companies like mutual funds, tender documents, proxy statements, and, more particularly, publicly-traded company control. It's not just the external directors, but also the managers of the organization apply to these rules mostly on the release of erroneous financial reports.
In order to accomplish this, the framing style must be difficult to substitute for.
<h3>What is Competitive advantage?</h3>
Competitive advantage can be defined as the way in which a company produce or manufacture more goods or product and sell those goods produce at lesser rate so as to increase their sales than that of their market competitors.
Based on the scenario in order for Milo Millworks to accomplish the competitive advantage for their framing style, the framing style must be difficult to substitute for.
Therefore the framing style must be difficult to substitute for.
Learn more about Competitive advantage here:brainly.com/question/26514848
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