RS 9-11 Accounting for contingent liabilities LO C3 Huprey Co. is the defendant in the following legal claims. For each of the following claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or have no disclosure. 1. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. The plaintiff is suing Huprey for $5,000,000. No disclosure Record a liability Disclose in notes 2. Huprey can resonably estimate that a pending lawsuit will result in damages of $1.250.000, it is probable that Huprey will lose the case No disclosure Record a liability Disclose in notes