In August 2008, Constructs attomeys believed that they had a 75% chance of obtaining a Sl million settlement of their claim with Black-Top's former shareholders. R equired: (5 points) Identfy, reew and discuss the right pronouncements (or general rules) to account for coingent gains (assets) and contingent bsses (liabilites) under FRS and US GAAP _ A the reading the background of the case study proded above, answer each of the questions below using both US GAAP and IFRS (5 points) Question 1: In 2003, at the time of the purchase, should Construct record a liability environmental liabilities? If so, how much? (5 points) Question 2: In 2004, should the company record any liability due to Black-Top filing Chapter 11? If so, how much? (5 points) Question 3: In 2005, should the company record any liability for the potential environmental liability? If so, how much? (5 points) Question 4: In 2006, should the company record any liability for the potential environmental remediation? If so, how much? (5 points) Question 5: In 2007, should the company record any additional liability for the potential environmental remediation ? (5 points) Question 6: In 2008, should the company record any gain contingeno//contingent asset for the potential settlement?