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Connect Homework - Chapter 9 Saved Help Save & Exit Submit 33 Exercise 9-14 Accounting for contingent liabilities LO C3 For each separate situation, indicate whether Cruz Company should (a) record a liability, (b) disclose in notes, or (c) have no disclosure 1 points 1. Cruz Company guarantees the $119,000 debt of a supplier. It is not probable that the supplier will default on the debt A disgruntled employee is suing Cruz Company. Legal advisers believe that the company will likely need to pay damages, but the amount cannot be reasonably estimated. eBook Print References Connect Homework - Chapter 9 Saved Help Save & Exit Submit 3 g for contingent liabilities LO C3 dicate whether Cruz Company should (a) record a liability, (b) disclose in notes, or (c) 1 points $119,000 debt of a supplier. It is not probable that the supplier will default on the debt Cruz Company. Legal advisers believe that the company will likely need to pay damages, onably estimated. ok Print References