Question: How should a contingent liability that is reasonably possible but cannot reasonably be estimated be reported within the financial statements? It must only be

How should a contingent liability that is reasonably possible but cannot reasonably

How should a contingent liability that is reasonably possible but cannot reasonably be estimated be reported within the financial statements? It must only be disclosed as a note to the financial statements. It does not need to be recorded or reported as a liability. It must be recorded and reported as a liability. It must be reported as a liability, but not disclosed in a note.

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