When the amount of a contingent liability can be estimated and its likelihood is possible but not probable, the company should: Multiple Choice record the liability and estimated amount of the loss on the Balance Sheet. record the amount of the liability times the probability of its occurrence. include a description in the footnotes to the financial statements. o information about the contingent liability from its financial statements and footnotes

When the amount of a contingent liability can be estimated and its likelihood is possible but not probable, the company chould: Multiple Choice record the liability and estimated amount of the loss on the Balance Sheet. record the amount of the liability times the probability of its occurrence. include a description in the footnotes to the financial statements