Contingent Liabilities The following note accompanied the financial statements for Goodyear Tire and Rubber Company (GT) We are a defendant in numerous Jawsuits alleging vanious asbestos-related from alleged exposure to certain asbestos products have been brought against muitiple defandants in state and federal courts, To date, we have disposed of approximately 109,500 claims by defending and obtaning the dismissal thereof or by entering into a settlement. The sum of our accrued asbestos-related liabity, including legal costs totaled approximately 458 mon personal injuries purported to result by us or present in certain of our facities. Typically, these lawsuits a. Illustrate the effects on the accounts and financial statements of recording the contingent liability of $458,000,000. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statement of Cash Flows Income Statement Stockholders Assets Liabilities Equity Statement of Cash Flows Income Statement b. If a contingent iability is and the amount of the liability can be reasonably estimated, it is The liability is recorderd and