Question: TB MC Qu . 9 - 6 7 ( Static ) Darwin Corporation's attorney has provided... Darwin Corporation's attorney has provided the following summaries of

TB MC Qu.9-67(Static) Darwin Corporation's attorney has provided...
Darwin Corporation's attorney has provided the following summaries of three lawsuits against Darwin:
Lawsuit A: The loss is probable and can be reasonably estimated.
Lawsuit B: The loss is reasonably possible, but the loss cannot be reasonably estimated.
Lawsuit C: The loss is reasonably possible and can be reasonably estimated.
Which of the following statements is incorrect?
Multiple Choice
A disclosure note is required for lawsuit C.
There is a greater than 70% chance that lawsuit A will result in a future economic sacrifice for Darwin.
A disclosure note is not required for lawsuit B.
Lawsuit A is reported on the balance sheet as a liability.

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