Fisher Company has been named as the defendant in a class action lawsuit. In addition, the company is located in a region that normally has an active hurricane season. Indicate whether each of the following statements is true or false. of the likelihood of a future obligation is probable and can be reasonably estimated, a liability should be recognized on the balance sheet. jur the outcome is probable, but cannot be reasonably estimated, the contingency should be disclosed in the notes to the financial statements If the outcome is reasonably possible but not likely, the contingency should be disclosed in the notes to the financial statements d) Every lawsuit, regardless how frivolous, should be disclosed in the notes to the financial statements. Since it is located in a region for which an active hurricane season has been predicted, the company must disclose the contingent liability, which is the potential for catastrophic loss, in the notes to their financial statements