need some guidance please thanks

168) 00 points P9-9 Making Decisions about Contingent Liabilities L09-4 For ench of the following situations, select whether the company should (a) report a lability on the balance sheet. (6) disclose a contingent liability in the footnotes, or (c) not report the situation Decision Situation An automobile company introduces a new car. Past experience demonstrates that lawsuits will be fled as 1. soon as the new model is involved in any accidents. The company can be certain that at least one jy wil mward damages to people injured in an accident, but it is unable to estimate the amount of any payout Ah scientist determines that the company's best-selling product may infringe on another company's 2. patent, if the other company discovers the infringement and files suit, which is unlikely your company could osemitions As part of land development for a new housing project, your company has polluted a natural lake. Under 3.statelow, you must en up the lake once you complete development. The development project will take five to eight years to complete. Current estimates indicate that it will cost $3 million to clean up the fake Your company has been notified that it is being sued by a customer. The probability of the customer winning is deemed to be probable, but the amount of any loss cannot be reliably estimated A key customer is happy with the quality of a maior construction project. The company believes that the customer is being rasonable but to maintain goodwill, has decided to do $250.000 in repairs next year References Book & Resources Worksheet P3- Making Decisions about Contingent Ubes L094