When the amount of a contingent liability can be reasonably estimated and its likelihood is...
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Accounting
When the amount of a contingent liability can be reasonably estimated and its likelihood is probable, the company should: (Choose one)
A) exclude the information about the contingent liability from its financial statements and notes.
B) include a description in the notes to the financial statements.
C) record the estimated amount of the liability on the balance sheet.
D) record the estimated amount of the liability times the probability of its occurrence.
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