Quinn is involved in a pending court case. Quinns lawyers believe it is probable that Quinn will be awarded damages of $1,000,000. What is the proper accounting treatment for this situation?

a. The $1,000,000 contingent liability should be disclosed because its outcome is considered probable (more likely than not).

b. The $1,000,000 contingent asset should be recorded because its outcome is considered certain.

c. The $1,000,000 contingent asset should neither be recorded, nor disclosed because its outcome is considered remote.

d. The $1,000,000 contingent asset should be disclosed because its outcome is considered probable.