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Daisy Company has determined that a contingent liability relating to food-poisoning lawsuits is $5,000. It is reasonably possible Daisy will have to pay the liability.

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Daisy Company has determined that a contingent liability relating to food-poisoning lawsuits is $5,000. It is reasonably possible Daisy will have to pay the liability. Where on the financial statements would this contingent liability be located? Balance sheet Income statement Disclosed in footnotes It is not recorded nor reported

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