Bugs, Inc., a wholly owned subsidiary of the US-based company, Pillows Ltd, was notified of a loss contingency with an estimated cost ranging between $50,000 and $150,000. Bugs, Inc. hired an expert appraiser who assessed that all possible dollar amounts of liability in this range are equally likely. Management of Bugs, Inc. has estimated that there is a 60 percent chance that this contingency will result in an actual loss. According to U.S. GAAP, what is the amount recognized by Bugs, Inc. as a provision for loss contingency? Multiple Choice No amount will be recorded but an amount will be disclosed in the notes to the financial statements O $50,000 O $60,000 O $100,000 O According to US GAAP, what is the amount recognized by Bugs, Inc. as a provision for loss contingency? Multiple Choice No amount will be recorded but an amount will be disclosed in the notes to the financial statements $60000 S100000 S150000 e to search