You are working for Mindak LLP, an accounting consulting firm, as a research and accounting specialist. Your client, Clorsol Inc., is a manufacturing company and has asked you to research and explain the U.S. GAAP rules for some accounting transactions. The client wants you to reference and explain the rules in the FASB codification for this topic. The client will then use your business professional memo to look up the rules in the codification. Please make sure you include in your memo discussion of all three items (a) to (c) below. Reference the relevant topic, subtopic, section and paragraph(s). You should reference the codification by using "FASB ASC XXX-XX-XX-XX". Your grade will primarily focus on whether you are identifying the proper topics, subtopics, sections and paragraphs in the codification. You can summarize each reference in 1-2 sentences. You should not be copying any of the codification into your memo as the client can go look directly at the codification reference. a) The client has an event that occurred prior to 12/31/2020 that gave rise to a litigation liability. The litigation was settled on 2/1/2021 and the financial statements were not issued until 3/5/2021. What should the company use to make the estimate for the contingent liability on their 2020 financial statements- should they use the estimate