Which of the following statements about the contingencies is correct?

O An estimated loss and corresponding contingent liability is accrued if the loss is more likely than not and the amount can be reasonably estimated.

O A contingency should be accrued if the gain or loss is probable and the amount can be reasonably estimated.

O A contingent liability is not reported if the loss is probable, but the amount can only be estimated within a range.

O A contingent liability should be accrued if the loss is probable, and the amount can be reasonably estimated.