Ace Co. settled litigation on February 1, Year 2, for an event that occurred during Year 1. An estimated liability was determined as of Dec 31, Year 1. This estimate was significantly less than the final settlement. The transaction is considered to be material. The year-end financial statement for Year 1 have not been issued. How should the settlement be reported in Ace's Year 1 financial statements?
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Ace Co. settled litigation on February 1, Year 2, for an event that occurred during Year 1. An estim...
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