A substantive response should be a minimum of 3-6 well-structured sentecnce. please answer each one.

Unit 7 DQ1: Contingent Liabilities 15 pts What is a contingent liability? Provide an example of a contingent liability that's recorded in the accounts and discuss. (15pts) Unit 7 DQ2: Payroll Accounting 15 pts What's the difference between gross pay and net pay? What amount is recorded as wages and salaries expense and why? (15 Points) Unit 6 DQ2: Depreciation Methods 15 pts Contrast the three depreciation methods discussed in this unit. Which depreciation method is best to use? (15 Points)