Paul Company issues a product recall due to an apparently preexisting and material defect discovered after the end of its fiscal year. Financial statements have not yet been issued. The action required of Paul Company for this reasonably estimable contingency for the year just ended is: To do nothing relative to the contingency. To accrue a long-term liability. To disclose it in a note to the financial statements. To accrue the liability and explain it in a note to the financial statements.
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Home » Business » Paul Company issues a product recall due to an apparently preexisting and material defect discovered after the end of its fiscal year. Financial statements have not yet been issued.