Brief Exercise 13-17 (Static) Contingencies [LO13-5, 13-6, 13-7] Quandary Corporation has a major customer who is alleging a significant product defect. Quandary engineers and attorneys have analyzed the claim and have concluded that there is a 51% chance that the customer would be successful in court and that a successful claim would result in a range of damages from $10 million to $20 million, with each part of the range equally likely to occur. The damages would need to be paid soon enough that time-value-of-money considerations are not material. Would a liability be accrued under U.S. GAAP? Under IFRS? If a liability were accrued, what amount would be acerued under U.S, GAAP? Under IFRS? Note: Enter your answers in millions (i.e., 5,000,000 should be entered as 5)