7 Required information (The following information applies to the questions displayed below.] 13.12 points Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2018 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $3.1 million. The fiscal year ends on December 31. eBook References Required: 1. Should this contingent liability be reported, disclosed in a note only, or neither? O Reported O Disclosed in a note only O Neither