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(1) Discuss the following: a. Initial measurement of financial liabilities b. Subsequent measurement of financial liabilities c. Transaction cost d. Recognition of Liabilities e. Contingent

(1) Discuss the following:

a. Initial measurement of financial liabilities

b. Subsequent measurement of financial liabilities

c. Transaction cost

d. Recognition of Liabilities

e. Contingent Liabilities

(2) Create a financial statement that shows the difference between contingent asset and contingent liability.

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