Under ASPE, a contingent liability is recognized in income and as a liability when

contingent liabilities are never recorded.

the liability is both likely to be paid and can be reasonably measured.

the liability can be reasonably estimated.

the liability is likely to be paid.

The selling price of a bond is the sum of the present values of the principal and the periodic interest payments. The present values are determined by using the

stated rate.

coupon rate.

nominal rate.

market rate.