Which of these statements is/are correct?

I A contingent liability that is remotely possible will be included as a liability in a companys Balance Sheet (also known as a Statement of Financial Position).

II The amount of Estimated Warranty Payable within one year will be included as a Current Liability in a companys Balance Sheet (also known as a Statement of Financial Position).

Select one:

a. Both (I) and (II) are incorrect

b. Both (I) and (II) are correct

c. Only II is correct

d. Only I is correct