Assume a company's management can estimate the amount of loss that will occur should it lose a lawsuit which is still ongoing at its year-end. Also assume the company and its attorneys estimate the likelihood of the loss is probable. Which of the following shows the correct treatment for this contingent liability? Select one: O a. The contingent liability and its related loss should not be reported in the financial statements nor disclosed in the notes to the financial statements. O b. The contingent liability and its related loss should be reported in the financial statements as well as disclosed in the notes to the financial statements. O c. The contingent liability and its related loss should only be disclosed in the notes to the financial statements