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Prior to the issuance of its December 31 financial statements, Stark Co. was named as a defendant in
a lawsuit arising from an event that occurred in October. Stark’s legal counsel believes that it is
reasonably possible that there will be an unfavorable outcome and that damages will range from
$100,000 to $150,000. Which amount(s) should Stark accrue and/or disclose in its December 31 financial statements?
Accrue contingent liability Disclose contingent liability
A. $100,000 $100,000 – $150,000
B. $100,000 $150,000
C. $0 $100,000 – $150,000
D. $0 $150,000
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