At the end of 2016 edwards was able to settle with the, Accounting Basics

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At the end of 2016 edwards was able to settle with the

Problem

The State of Alabama filed suit against Edwards Chemical Company for violations of water pollution laws in 2015. During 2015, the company accrued a $250,000 loss for litigation. At the end of 2016. Edwards was able to settle with the State for$205,000. What entry should Edwards make when it pays the State in December, 2016?

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Accounting Basics: At the end of 2016 edwards was able to settle with the

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Accounting Basics: At the end of 2016 edwards was able to settle with the

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