Business, 28.02.2020 00:03 tinyiaihfurlow

On November 24, 2020, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9,000,000 were filed on January 11, 2021, against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel has studied each suit and advised Windsor that it is probable that it will pay 60% of the damages claimed. The financial statements for the year ended December 31, 2020, were issued February 27, 2021. Prepare any disclosures required by the airline in preparation of the December 31, 2020, financial statements.

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On November 24, 2020, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing whe...

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