Question 37 A company is facing a class-action lawsuit in the upcoming year. It is possible that the company will have to pay a settlement of approximately $800,000. How would this fact be reported, if at all, in the financial statements to be issued at the end of the current month? O No reporting would be required in this case. Report in the footnotes to the financial statements. Report $800,000 as a current liability. Report $800,000 as a long-term liability. 2 pts