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Identify a specific real or theoretical contingent liability. Compose a recommendation that covers the following: Describes the contingent liability you have selected. Recommends whether this
Identify a specific real or theoretical contingent liability.
Compose a recommendation that covers the following:
- Describes the contingent liability you have selected.
- Recommends whether this contingent liability should be reported and why or why not. (Be sure to include GAAP support for your conclusion!)
- If you recommend reporting of this contingent liability, justify how it would be reported.
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