Janis Inc. is involved in numerous lawsuits involving the products its sells. What two criteria must be met requiring Janis Inc. to report a contingent liability in the financial statements? It is possible that the loss will occur and the amount of the loss can be estimated. It is possible that the loss will occur and management takes responsibility for the loss. It is remote that the loss will occur but the amount of the loss can be estimated It is probable that the loss will occur and the amount of the loss can be reasonably estimated. It is likely the loss will occur and management intends to defend the company by issuing its own lawsuit