CONTINGENCIES ASC 450 Before you explain the accounting treatment for each of the individual events, use ASC a 450 to accounting for Contingencies a In ribe the basic the requirements under Financial Accounting general, Asc Standards Board codification codification to support your accounting treatment is required, briefly write for each of s. If a note the note disclosure that would be in the Notes to the inancial Statements Chester Company has the following contingencies: A treat of expropriation exists for one of its manufacturing plants located in a foreign country. Expropriation is deemed to be reasonably possible. Any compensation from the foreign government would be less than the carrying value amount of the plant. Potential costs exist due to the discovery of a safety hazard related to one of its product These costs are probable and can be reasonably estimated. One of its warehouses located at a base of a mountain could no longer be insured against rock-slides losses. No rock slide losses have occurred. a) How should Chester report the threat of expropriations of assets? b) How should Chester report the potential costs due to the safety hazard? c) How should Chester report the noninsurable rock slide risk? d) One of Chester's largest business units deals exclusively in commodity metals, such as copper and gold. Recent global economic conditions have resulted in high volatility in both the price and supply of theses metals. e) During routine internal control testing. Chester s internal audit function discovered that an executive assistant has been taking the loose change in petty cash