5. Forbes Company has been named as the defendant in a class action lawsuit. Indicate whether each of the following statements regarding the lawsuit is true or false amount of the suit, even if the company's attorneys estimate the outcome be much lower. be disclosed in the footnotes to the financial statements footnotes to the financial statements. financial statements. a) If the outcome is likely, a liability should be recognized on the balance sheet for the full b) If the outcome is likely, but cannot be reasonably estimated, the contingency should c) If the outcome is reasonably possible, the contingency should be disclosed in the d) Every lawsuit, regardless how frivolous, should be disclosed in the footnotes to the e) If an active hurricane season has been predicted for the Florida gulf coast, businesses in that region should disclose contingencies for catastrophic loss in the footnotes to their financial statements