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A contingent liability is a potential liability that depends on a future event arising from a past transaction. Describe a contingent liability that would require

A contingent liability is a potential liability that depends on a future event arising from a past transaction.

Describe a contingent liability that would require a journal entry in the company's books. Provide one example.

Describe a contingent liability that would require a disclosure in the financial statements. Provide one example.

Describe a contingent liability that would not require a disclosure or a journal entry. Provide one example.

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