This is a loss contingency. Barone can use the information occurring after the end of the year in determining appropriate disclosure. Barone should accrue the $13 million loss because the ultimate outcome appears settled and the loss is probable.

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The Answer of This is a loss contingency. Barone can use the information occurring after the end of the year in determining appropriate disclosure. Barone should accrue the $13 million loss because the ultimate outcome appears settled and the loss is probable.

This Is a Loss Contingency