QS 9-11 Accounting for contingent liabilities LO C3 Huprey Co. is the defendant in the following legal claims. For each of the following claims, indicate whether Huprey should (a) record a liability. (disclose in notes, or have no disclosure. 1. Huprey can reasonably estimate that a pending lawsuit will result in damages of $1250,000. It is probable that Huprey will lose the case Record a liability Disclose in notes. Have no disclosure Bol 2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimated Record a liability Disclose in notes Have no disclosure. 3. Huprey is being sued for damages of $2.000.000. It is very unlikely tremote) that Huprey will lose the case. Record a liability Disclose in notes Have no disclosure