Acct 332, 532
Dispensa & Sons Carnivals – Case Assignment
Midwest Carnivals, Inc., invented and patented a carnival ride named the â€œScramblerâ€.
Midwest is engaged in a patent infringement lawsuit against a competitor, Dispensa & Sons
Carnivals Corporation. The parties are involved in court litigation. Below is a summary timeline
of specific events that have taken place related to this matter:
â€¢ In May 2018, Midwest filed a claim against Dispensa for patent infringement.
â€¢ For the year ended December 31, 2018, management and legal counsel for Dispensa
determined that a loss for this matter was probable and represented that the
estimate of loss was in the range of $15 million to $20 million, with $17 million being
a reasonable estimate of the most likely amount of loss within the range.
â€¢ A jury trial took place in September 2020.
â€¢ The jury reached a verdict on September 15, 2020, and a judgment was ordered in
favor of Midwest. The judgment required Dispensa to pay Midwest $18 million.
â€¢ In November 2020, Dispensa filed a Notice of Appeal with the Court of Appeals.
â€¢ In August 2021, the Court of Appeals issued a ruling in favor of Dispensaâ€™s appeal and
reversed the lower courtâ€™s ruling on the matter. This meant that the Court of Appeals
overturned the jury verdict and the $18 million judgment against Dispensa.
â€¢ On January 6, 2022, Midwest filed a petition for a re-hearing before the same panel of
appellate judges against the reversal of ruling by the Court of Appeals.
â€¢ On February 10, 2022, the appellate judges declined the petition for a re-hearing.
â€¢ On February 28, 2022, management of Dispensa determined this matter was closed
upon discussions with legal counsel.
Required: As explained in the Case Instructions, include any ASC citations within the text of your
written response to each of the 3 requirements (not as footnotes, not as a citation list).
1. For the year-end December 31, 2018 financial statements, discuss whether Dispensa should
record a liability, and if so, at what amount?
2. For the year-end December 31, 2020, financial statements, should Dispensa adjust its
liability? If so, what amount should be recorded? Should the amount of the adjustment be
considered a 2020 Income Statement reported event or a prior period adjustment to
3. Should Dispensa record any reduction of the previously recorded loss contingency in 2021
(upon the Court of Appeals overturning the verdict of the jury), or in 2022 (once the
appellate judges declined Midwestâ€™s petition for a re-hearing)?
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