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Unified Airlines is being sued by Northeast Airlines for $5.000,000. At the end of the year, Unified feels it is probable thet it will pay

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Unified Airlines is being sued by Northeast Airlines for $5.000,000. At the end of the year, Unified feels it is probable thet it will pay 5,000,000 at some point in the folowing year What should Unified and Northeast record at the end of the year concerming the lawsuit? O Unified does not record any contingent loss; Northeast records $5,000,000 contingent gain. O Unified records $5,000,000 contingent loss; Northeast does not record any contingent gain. O Unified records $5,000,000 contingent loss; Northeast records $5,000,000 contingent gain Neither company records a contingent loss or gain

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