Which of the following statements about the contingencies is correct? Select answer from the options below An estimated loss and corresponding contingent liability is accrued if the loss is more likely than not and the amount can be reasonably estimated. A contingent liability should be accrued if the loss is probable, and the amount can be reasonably estimated. A contingent liability is not reported if the loss is probable, but the amount can only be estimated within a range. A contingency should be accrued if the gain or loss is probable and the amount can be reasonably estimated