Authors Academic Press faces three potential contingency situations, described below. Authors’ fiscal year ends December 31, 2021. Determine the appropriate means of reporting each situation for the year ended December 31, 2021, and record any necessary entries. Explain your reasoning. 1. In August 2021, a worker was injured in an accident, partially as a result of his own negligence. The worker has sued the company for $1.2 million. Legal counsel believes it is reasonably possible that the outcome of the suit will be unfavorable, and that the settlement would cost the company from $300,000 to $600,000. 2. A suit for breach of contract seeking damages of $3 million was filed by an author on October 4, 2021. Legal counsel believes an unfavorable outcome is probable. A reasonable estimate of the award to the plaintiff is between $1.5 million and $2.25 million. No amount within this range is a better estimate of potential damages than any other amount. 3. Authors is the plaintiff in a pending court case. Its lawyers believe it is probable that Authors will be awarded damages of $3 million.
Authors Academic Press faces three potential contingency sit…
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