Required information [The following information applies to the questions displayed below) Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2018 of a circult fiaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable estimated to cost the company $2.9 million. The fiscal year ends on December 31 Required: 1. Should this contingent liability be reported, disclosed in a note only, or neither? O Reported O Disclosed in a note only O Neither Required information [The following information applies to the questions displayed below) Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2018 of a circult fiaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable estimated to cost the company $2.9 million. The fiscal year ends on December 31 Required: 1. Should this contingent liability be reported, disclosed in a note only, or neither? O Reported O Disclosed in a note only O Neither