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What amount should be accrued for the loss contingency

Problem:

A company has a loss that meets the requirement of a loss contingency in the amount of $500,000. The company has insurance coverage in the amount of 1,000,000 with a deductible of 250,000. What amount should be accrued for the loss contingency?

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Accounting Basics: What amount should be accrued for the loss contingency

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Accounting Basics: What amount should be accrued for the loss contingency

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