Sandhill Inc. is involved in a lawsuit at December 31, 2017.
Prepare the December 31 entry assuming it is probable that Sandhill will be liable for $857,200 as a result of this suit. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Account Titles and Explanation
Debit
Credit
December 31, 2017
Prepare the December 31 entry, if any, assuming it is not probable that Sandhill will be liable for any payment as a result of this suit. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
December 31, 2017
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