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 circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $3.2 million. The fiscal year ends on December 31 3. value: 13.12 points Required information 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 References eBook & Resources Worksheet Difficulty: 2 Medium Learning Objective: 08-05 Apply the appropriate accounting treatment for contingencies