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Which of the following situations would require a journal entry to record the contingent liability in the financial statements? Multiple choice question. The liability is
Which of the following situations would require a journal entry to record the contingent liability in the financial statements?
Multiple choice question.
The liability is remote and estimated to be $
The liability is probable and estimated to be $
The liability is probable, but the amount cannot be reasonably estimated.
The liability is possible and estimated to be $
The liability is possible, but cannot be reasonably estimated.
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