At December 31, Year 5, Creole Co. was suing a competitor for patent infringement. The award from the probable favorable outcome could be reasonably estimated. Creole's Year 5 financial statements should report the expected award as a: a. Receivable and revenue. b. Receivable and reduction of patent. c. Receivable and deferred revenue. d. Disclosure by footnote only.
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Home » Business » At December 31, Year 5, Creole Co. was suing a competitor for patent infringement. The award from the probable favorable outcome could be reasonably estimated. Creole's Year 5 financial statements should report the expected award as a: a.