Within Your Group, $($i$)$ discuss and provide answers to the following case taken from www$.$deloitte.com$/$us$/$truebloodcases and based on chapter $9$ under study this week$-$ Accounting for Current Liabilities Case $21-2$: Contingencies $-$ Product Recall This case, attached, gives students the opportunity to apply U$.$S$.$ GAAP as well as IFRS with respect to accounting for contingencies in the case of a voluntary product recall. Elect one member of your group to post the agreed upon responses to the two questions $($i$)$ Provide your groups understanding of the case.$($ii$)$Then answer the question asked: In the financial statements for the year ended December $31$st $2020,$ how should Pharma$-$C account for the voluntary product recall under US GAAP and IFRS.The case:www$.$deloitte.com$\_$us$\_$truebloodcases.$-$contingencies$-$product$-$recall$-$new$-$doc.pdf