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Business, 02.09.2021 18:20 lbbeanss

Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December 2021 of a circuit flaw in an amplifier that poses a potential fire hazard. An intense investigation indicated that a product recall is virtually certain, estimated to cost the company $4.0 million. The fiscal year ends on December 31.Required:1. Should this loss contingency be accrued, only disclosed, or neither

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Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in...
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