We record a contingent liability when the likelihood of the loss occurring is reasonably possible and the amount is reasonably estimable.We record a contingent liability when the likelihood of the loss occurring is probable and the amount is reasonably estimable.

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The Answer of We record a contingent liability when the likelihood of the loss occurring is reasonably possible and the amount is reasonably estimable.We record a contingent liability when the likelihood of the loss occurring is probable and the amount is reasonably estimable.

We Record a Contingent Liability When the Likelihood of the Loss