In May of 2013, Raymond Financial Services became involved in a
penalty dispute with the EPA. At December 31, 2013, the
environmental attorney for Raymond indicated that an unfavorable
outcome to the dispute was probable. The additional penalties were
estimated to be $773,000 but could be as high as $1,176,000. After
the year-end, but before the 2013 financial statements were issued,
Raymond accepted an EPA settlement offer of $906,000. Raymond
should have reported an accrued liability on its December 31, 2013,
balance sheet of:
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