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If my car ran a stop sign and collided with another vehicle December 4, 2016. Arriving January 8, 2017, the other vehicle driver filed suit against me for damages to the his vehicle.

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If my car ran a stop sign and collided with another vehicle December 4, 2016. Arriving January 8, 2017, the other vehicle driver filed suit against me for damages to the his vehicle. Assuming that the estimated damages to this vehicle were between $6,000 and $10,000 with no amount within the range more likely than any other amount. My vehicle issued its 2016 financial statements on March 3, 2017.

Required:

  1. How The disclosures and/or journal entries should look like, knowing that my vehicle should make in preparing its December 31, 2016, financial statements.
  2. If the vehicle used IFRS, how would the disclosures and/or journal entries differ from those under U.S. GAAP?
 
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