The ink-jet printing division of environmental printing has grown tremendously in recent years. assume the following transactions related to the ink-jet division occur during the year ended december 31, 2021.

(1) environmental printing is being sued for $10.4 million by addamax. plaintiff alleges that the defendants formed an unlawful joint venture and drove it out of business. the case is expected to go to trial later this year. the likelihood of payment is reasonably possible.
(2) environmental printing is the plaintiff in an $8.4 million lawsuit filed against a competitor in the high-end color-printer market. environmental printing expects to win the case and be awarded between $5.9 and $8.4 million.
(3) environmental printing recently became aware of a design flaw in one of its ink-jet printers. a product recall appears probable. such an action would likely cost the company between $440,000 and $840,000.

record the contingent liability if needed

The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u.s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.

Large public water and sewer companies often become monopolies because they benefit from although the company faces high start-up costs, the firm experiences average production costs as it expands and adds more customers. smaller competitors would experience average costs and would be less

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