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(Solution Download) In May of 2013, Raymond Financial Services became involved in a penalty dispute with the EPA. At Dec


 

 

 

 

 

 

 

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:

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$270,000
$773,000.
$906,000.
$1,176,000

 

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