Reporting contingent liabilities
Using the FASB website provided the review requirements for reporting contingent liabilities. I have the code to access the FASB Codification if needed. Please provided a short summary that included an example of how the standard should be apply.
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A 0.1 chance the buyer will pay 400,000, and a 0.25 chance it will not sell. If you must commit to a posted price, what price maximizes profits?
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