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In preparing a company's financial statements, what is the correct way to handle a loss contingency that has a high probability that a loss has
In preparing a company's financial statements, what is the correct way to handle a loss contingency that has a high probability that a loss has occurred but the
amount cannot be reasonably estimated?
Disclose it in a note to the financial statements.
Ignore it entirely in the financial statements until more certainty becomes clear.
Record it at an estimated amount, and include it in the financial statements even if the estimate is a wild guess.
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