The commonwealth of virginia filed suit in october 2016, against northern timber corporation seeking civil penalties and injunctive relief for violations of environmental laws regulating forest conservation. when the financial statements were issued in 2017, northern had not reached a settlement with state authorities, but legal counsel advised northern timber that it was probable the ultimate settlement would be $1,950,000 in penalties. the following entry was recordedloss—litigation 1,950,000 liability—litigation 1,950,000prepare any journal entries related to the change

Walmart and target are the only stores in a remote town that currently stock and sell the playstation 5 video game console. managers at both stores are simultaneously deciding whether to charge a price of $1,000 or $1,500 for each console. if both stores charge $1,000, they earn a profit of $100,000 each. if both stores charge $1,500, they earn a profit of $200,000 each. if one store charges $1,000 and the other store charges $1,500, the store that charges $1,000 earns a profit of $250,000 and the firm that charges $1,500 earns a profit of $50,000. if walmart and target they can both charge $1,500 and earn the highest combined profit available. engage in spirited price competition collude with each other privately undercut each other after making an agreement compete with each other only with regard to price and not quantity compete with each other only with regard to quantity and not price