Quiz 13.75 – EPK Company

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

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EPK Company received a $10 million arbitration judgment against it for a claim made in 2020 related to alleged product defects from 2019. EPK had not accrued any litigation loss prior to learning of the judgment and does not plan to appeal. What action should EPK take in its 2021 fiscal year?

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