Top Sound International designs and sells high-end stered equipment for auto and home use. Engineers notified management in December 2024 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 $2.5 milion. The fiscal year ends on December 31 Required: 1. Should this contingent liability be reported disclosed in a note orly, ar neither? 2. What loss any should Too Sounits 2024 income statement 3. What liability. If any should Top Sound report in its 2024 balance sheet? 4. What entry, if any, should be recorded? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Hequired 4 Required Required 2 Required 3 Required 1 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 secount field. Enter your answers in dollars, not in millions .. 5.5 million should be entered as 5,500,000).) Should this contingent liability be reported, disclosed in a note only, or neither? View transaction ist This contingent liability would be Journal entry worksheet Required: Required 2 Required 3 Required 4 Recordantry Clear entry View general Journal