NuWave Technology is involved in a lawsuit. Which of the following situations requires a disclosure...
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Accounting
NuWave Technology is involved in a lawsuit. Which of the following situations requires a disclosure of the contingent liability in the notes to the financial statements?
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When the loss is remote and the amount cannot be reasonably estimated.
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When the loss is remote and the amount can be reasonably estimated.
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When the loss is reasonably possible and the amount can be reasonably estimated.
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When the loss is probable and the amount can be reasonably estimated.
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