Mayo Inc. issues a product recall due to a preexisting and material defect discovered after December 31, 2018, the end of its fiscal year. Financial statements have not been issued yet for 2018. The action required of Mayo Inc. for this contingency that can reasonably be estimated for 2018 is:Multiple ChoiceTo accrue the liability and explain it in a note to the financial statements.To disclose it in a note to the financial statements.To do nothing relative to the contingency.To accrue a long-term liability.