A company has been sued for damages as a result of illness caused to local residents due the emission of highly toxic chemicals from its plant. The company's legal firm advises that it is probable that the company will lose the suit and that it probably will result in a judgment of $2 million to $10 million in damages. However, the legal firm believes that the most probable amount of the loss will be $6 million, and that the suit will be terminated about three years hence. The company accrued and presented a liability for $6 million in its balance sheet in the year the suit was filed. Support the company's position. State the three characteristics of a liability and explicitly show how each characteristic is met