3.25 Contingent Corporation has the following contingencies on its horizon: (a) A lawsuit by Corporation Z, for which it is probable that contingent will have to pay $20,000 (b) A reasonable possibility that contingent will win a tax court case, resulting in a tax refund of $19,000 (c) A remote chance of hurricane damage to its building, resulting in a $17,000 loss (d) A reasonably possible chance that contingent will win a $10,000 lottery. (Contingent's chief executive officer may be able to "rig" the drawing!) Determine the correct accounting treatment for each of the above. 3.25 Contingent Corporation has the following contingencies on its horizon: (a) A lawsuit by Corporation Z, for which it is probable that contingent will have to pay $20,000 (b) A reasonable possibility that contingent will win a tax court case, resulting in a tax refund of $19,000 (c) A remote chance of hurricane damage to its building, resulting in a $17,000 loss (d) A reasonably possible chance that contingent will win a $10,000 lottery. (Contingent's chief executive officer may be able to "rig" the drawing!) Determine the correct accounting treatment for each of the above