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| Teaching Since: | May 2017 |
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| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Gain Contingency On December 31, 2010, ``1q., learned that its competitor had introduced a product making use of an accessory over which Braino Tech. has exclusive patent rights. Braino Tech. planned to file suit and in all likelihood, its attorneys felt, Braino should recover at least $500,000. Braino Tech.’s December 31, 2010 year-end financial statements were issued March 2, 2011. At that date Braino Tech. still planned to file suit, even though it had not yet done so.
Required
Discuss the accounting treatment in regard to the 2010 financial statements of Braino Tech. called for by GAAP concerning the described circumstances.
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