Match the likelihood of future event with the repotting of the contingency. An answer may be selected more than once. (Click the icon to view the reporting of the contingency ) Likelihood of Future Event 5. Remote 6. Reasonably possible 7. Probable and the amount of the loss cannot be esti 8. Probable and the amount of the loss can be estimat How to Report the Contingency a. Do not disclose. b. Record an expense and a liability based on estimated amounts. c. Describe the situation in a note to the financial statements