Your answer is incorrect Situation 1: During 2020, Sugarpost Inc. became involved in a tax dispute with the Canada Revenue Agency. Sugarpost's tax lawyers have told management that Sugarpost will likely lose this dispute. They also believe that Sugarpost will have to pay the Receiver General for Canada between $1,100,000 and $1.7 million. After the 2020 financial statements were issued, the case was settled with the Canada Revenue Agency for $1.5 million. What amount, if any, should be reported as a liability for this contingency as at December 31, 2020, assuming that Sugarpost follows ASPE? Liability to be reported $ 1100000 eTextbook and Media List of Accounts