Current liabilities and contingencies -- Acquisition Contingencies In 2003, a construction materials manufacturing company (Construct) purchased a tract of property located in New York City from Black-Top, Inc. (Black-Top). Black-Top was a privately held manufacturer of bituminous concrete. The property was the site of one of Black-Tops manufacturing facilities. The purchase and sale agreement for the property included an indemnification provision for potential environmental liabilities. However, Construct did not require a portion of the purchase price to be placed in escrow because it concluded that such a provision would adversely affect the purchase negotiations. Construct intended to use the site to produce construction materials, which would be delivered in New York City. Construct believed that the proximity of the site would give the Company a competitive advantage in the local market. In 2004, subsequent to the purchase, Black-Top filed under Chapter 11 of the United States Bankruptcy Code. Construct immediately attempted, without success, to secure an interest in the assets of the shareholders of Black-Top. Answer the question below using both US GAAP and IFRS. a) In 2003, at the time of the purchase, should Construct record a liability for environmental liabilities? If so, how much