Question: Describe a contingent liability that would require a journal entry in the company's books. Provide one example. Describe a contingent liability that would require a

Describe a contingent liability that would require a journal entry in the company's books. Provide one example.

Describe a contingent liability that would require a disclosure in the financial statements. Provide one example.

Describe a contingent liability that would not require a disclosure or a journal entry. Provide one example.

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