Question: When a material gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be: Multiple Choice Neither recognized in

When a material gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:
Multiple Choice
Neither recognized in the income statement nor disclosed.
Reported in the income statement and disclosed.
Disclosed but not recognized in the income statement.
Offset against shareholders' equity.
When a material gain contingency is probable and

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