As of December 31, 2023 Bunsen Company is involved in a consumer liability lawsuit. Company attorneys have assessed the contingent outcomes of the lawsuit. They attorneys think the company will probably lose the lawsuit. To prepare for this loss, Bunsen management has decided to set aside funds in an investment account that earns a 9% return rate. Furthermore, there is general agreement that there is a 60% probability the company will have to pay the defendants $6 million on December 31, 2027p a 30% probability the company will need to pay $10 million on December 31, 2031, and a 10% probability the company will pay nothing.

Required: What amount should Bunsen report as a contingent liability in the balance sheet