Question: what is the answer Current Attempt in Progress Crane Company has a loss contingency. The company's legal council's opinion is that the contingency is probable

what is the answer

Current Attempt in Progress Crane Company has a loss contingency. The company's legal council's opinion is that the contingency is probable and that they estimate that the amount of the loss will be $459000. What is the proper accounting treatment for this contingency? Only the amount of $459000 should be disclosed in the notes to the financial statements. $459000 should be accrued as a liability. The amount is neither accrued nor disclosed. There is not enough information given to determine the accounting treatment

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