Elance Exams Answers PDF file

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In Year One, a company is sued for $500,000 and believes that it is reasonably possible that it will lose between $200,000 and $350,000 but probable that it will lose between $140,000 and $200,000. In Year Two, the law suit is settled for $190,000. What income effect should the company recognize in Year Two?

Recovery of $10,000
Loss of $50,000
Recovery of $85,000
Loss of $20,000
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