(SOLVED) Washington County Airport WCA faces three

potential contingency situations described

Washington County Airport (WCA) faces three potential contingency situations, described
below. Their fiscal year ends December 31, 2015. Required:Determine the appropriate means
of reporting each situation for the year ended December 31, 2015 and record any necessary
entries. Explain your reasoning
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three-potential-contingency-situations-described
Washington County Airport (WCA) faces three potential contingency situations, described
below. Their fiscal year ends December 31, 2015. Required:Determine the appropriate means
of reporting each situation for the year ended December 31, 2015 and record any necessary
entries. Explain your reasoning.1. WCA is suing a national airline. WCA’s lawyers confirm that
it is probable WCA will be awarded damages of $500,000 in the case.2. In June, 2015 a worker
was injured in an accident and has sued the company for $200,000. Legal counsel believes it is
reasonably possible, but not probable, that the outcome of the suit will be unfavorable, and that
the settlement would cost the company from $100,000 to $200,000. 3. A suit for $1.5 million
was filed by an airline on November 3, 2015. Legal counsel believes an unfavorable outcome is
probable. A reasonable estimate of the award payment to the airline is between $500,000 and
$1 million. No amount within this range is a better estimate of potential damages than any other
amount. View Solution:
Washington County Airport WCA faces three potential contingency situations described
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three-potential-contingency-situations-described

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