these questions all relate to one another

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 2021 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 $20 million. The fiscal year ends on December 31 Required: 1. Should this contingent liability be reported disclosed in a note only, or neither? This contingent ability should be 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 2021 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 $20 million. The fiscal year ends on December 31 2. What loss, if any, should Top Sound report in its 2021 Income statement? (Enter your answer in dollars, not in millions de 5,5 should be entered as 5,500,000).) Loss to be reported . 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 2021 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 $20 million. The fiscal year ends on December 31 7.47 3. What Hability, If any, should Top Sound report in its 2021 balance sheet? (Enter your answer in dollars, not in millions (i.e.5.5 should be entered os 5,500,000).) Liability to be reported SaveER Sun Check my w 11 14 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 2021 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 $20 million. The fiscal year ends on December 31 02:07:33 4. What entry. If any, should be recorded? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (1.e. 5.5 should be entered as 5,500,000.) 100 ference View transaction at Journal entry worksheet Record the contingent ability if needed Required information Journal entry worksheet