The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements. Huprey estimates damages in a case at $5, 500,000; with a high probability of winning the case. An item described in notes to its financial statements. A liability that is recorded. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is not reasonably estimable. An item described in notes to its financial statements. A liability that is recorded. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable. An item described in notes to its financial statements. A liability that is recorded