Skill Hardware is the plaintiff in a $$16$ million lawsuit filed against a supplier. The litigation is in final appeal and legal counsel advises that it is virtually certain that Skill will win the lawsuit and be awarded $$12$ million, which is an amount that is material to Skill.

How should Skill account for this event?

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check all that apply

The contingency is acrrued.unanswered

The contingency is not accrued.unanswered

This is a gain contingency.unanswered

This is a loss contingency.unanswered

It is probable that the confirming event will occur.unanswered

The contingency can be reasonably estimated.unanswered

A disclosure note should describe the contingency.unanswered

None of these