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An obligation that is contingent on the occurrence of a future event should be reported in the balance sheet as a liability when the

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An obligation that is contingent on the occurrence of a future event should be reported in the balance sheet as a liability when the Multiple Choice occurrence of the future event is at least reasonably possible and the amount is known. amount of the obligation can be reasonably estimated. occurrence of the future event is probable and the amount can be reasonably estimated future event is likely to occur.

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