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QS 9-13 (Algo) Accounting for contingent liabilities LO C3 Huprey Co. is the defendant in the following legal claims. For each of the following separate

QS 9-13 (Algo) Accounting for contingent liabilities LO C3 Huprey Co. is the defendant in the following legal claims. For each of the following separate claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (c) have no disclosure.

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Huprey Co. is the defendant in the following legal claims. For each of the following separate claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (C) have no disclosure. 1. Huprey is very likely to lose a pending lawsuit. It reasonably estimates that damages paid will be $1,070,000. 2. It is reasonably possible that Huprey will lose a pending lawsuit. Huprey and its lawyers cannot estimate what the damages will be if it loses. 3. Huprey is being sued for damages of $2,000,000. It is very unlikely (remote) that Huprey will lose the case

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