JSB JSB C CengageNOWV21 eBook Show Me How Exercise 8-70 Recognition and Reporting of Contingent Liabilities A list of alternative accounting treatments is followed by a list of potential contingent liabilities. Alternative Accounting Treatments a. Estimate the amount of liability and record. b. Do not record as a liability but disclose in a footnote to the financial statements. c. Neither record as a liability nor disclose in a footnote to the financial statements. Required: Match the appropriate alternative accounting treatment with each of the potential contingent liabilities listed below. Potential contingent Liabilities 1. Income taxes related to revenue included in net income this year but taxable in a future year. 2. Potential costs in future periods associated with performing warranty services on products sold this period. 3. Estimated cost of future services under a product warranty related to past sales. 4. Estimated cost of future services under a product warranty related to future sales 5. Estimated cost of pension benefits related to past employee services that has yet to be funded. Check My Work more Check My Works remaining Previous Ne Space Season 3 Cosodel.And in JSB JS Bin eBook Show Me How CengageNOWV2 Online teaching 3. Estimated cost of future services under a product warranty related to past sales. 4. Estimated cost of future services under a product warranty related to future sales. 5. Estimated cost of pension benefits related to past employee services that has yet to be funded. 6. Potential loss on environmental cleanup suit against company; a court Judgment against the company is considered less than probable but more than remotely likely 7. Potential loss under class-action suit by a group of customers, during the current year, the likelihood of a judgment against the company has increased