Toyota is a car manufacturer that has issued several recalls over the years. One major recall centered on faulty air bags from Takata. A prior recall focused on unintentional pedal acceleration. Research information about the car manufacturer, and one of the two recall situations described.

Answer the following questions below:

As a result of the recall, what contingent liabilities were $($or could be$)$ created?

How did Toyota handle the reporting of these contingent liabilities $($probable and estimable, probable and inestimable, for example$)?$