Question: Use the Codification to answer the following: a. What is a contingency? b. Precisely where in the Codification did you find that definition? c. Under

Use the Codification to answer the following:
a. What is a contingency?
b. Precisely where in the Codification did you find that definition?
c. Under what circumstances are contingent losses recorded?
d. Precisely where in the Codification did you find the rule?

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