12l31l11 ABC Grocers is being sued by an employee who slipped on spilled milk and broke his back. ABC's lawyers expect to lose the lawsuit and estimate the loss to be between $1,000,000 and $2,000,000. The single most likely outcome is $1,500,000 with the majority of other outcomes being greater than $1,500,000. Required: Would ABC Grocers recognize a contingent liability under US. GAAP and IFRS? If so, how much