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Consultants notified management of Goo Goo Baby Products that a crib toy poses a potential health...

Consultants notified management of Goo Goo Baby Products that a crib toy poses a potential health hazard. Counsel indicated that a product recall is probable and is estimated to cost the company $5.5 million. How will this affect the company's income statement and balance sheet this period?

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Consultants notified management of Goo Goo Baby Products that a crib toy poses a potential health...
Consultants notified management of Goo Goo Baby Products that a crib toy poses a potential health hazard. Counsel indicated that a product recall is probable and is estimated to cost the company $5.5 million. How will this affect the company's income statement and balance sheet this period? * Please explain clearly. Thank you!
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