A contingent liability should be recorded in a company's financial statements only if the likelihood of a loss occurring is: Multiple Choice At least remotely possible and the amount of the loss is known. At least reasonably possible and the amount of the loss is reasonably estimable: Probable and the amount of the loss can be reasonably estimated. At least reasonably possible and the amount of the loss is known. A contingent liability should be recorded in a company's financial statements only if the likelihood of a loss occurring is: Multiple Choice At least remotely possible and the amount of the loss is known. At least reasonably possible and the amount of the loss is reasonably estimable: Probable and the amount of the loss can be reasonably estimated. At least reasonably possible and the amount of the loss is known