On January 30 2011 A Suit Was Filed Against Frazier

On January 30, 2011, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2012, Frazier Corporation agreed to settle the action and pay $920,000 in damages to certain current and former employees. How should this settlement be reported in the 2012 financial statements? Discuss.

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