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Problem 9-21B Contingent liabilities Required How should each of the following situations be reported in the financial statements? ". It has been determined that one of the company's products has caused a safety hazard. It is considered probable that liabilities have been incurred and a reasonable estimate of the amount can be made. company warehouse is located in a section of the city that has routinely flooded in the past Consequently, the company can no longer find a source of insurance for the warehouse. No flood has yet occurred this year. Because of newly passed legislation, a company will have to upgrade its facilities over the next two years. Significant expenditures will occur, but at this time the amount has not been determined. c