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A contingent liability should be reported in a company's financial statements only if the likelihood of a loss occurring is:

Multiple Choice

$01$:$59-42$

At least reasonably possible and the amount of the loss is reasonably estimable.

At least remotely possible and the amount of the loss is known.

Probable and the amount of the loss can be reasonably estimated.

At least reasonably possible and the amount of the loss is known.