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"Raymond Carver Corp. is involved in a pending court case. Carver's lawyers believe it is probable that Carver will lose the lawsuit and pay...

"Raymond Carver Corp. is involved in a pending court case. Carver's lawyers believe it is probable that Carver will lose the lawsuit and pay $12,000,000, which is a material amount to Carver.
Required: Briefly discuss the proper accounting treatment for Raymond Carver Corp. Prepare any necessary journal entry. If no journal entry is required write the word “None.”

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Journal Entry or Word “None”
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Accounting-8199479.doc

Raymond Carver Corp. is involved in a pending court case. Carver's lawyers believe it is probable that Carver will lose the lawsuit and pay $12,000,000, which is a material amount to Carver....

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