NuWave Technology is involved in a lawsuit. Which of the following situations requires a disclosure...
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Accounting
NuWave Technology is involved in a lawsuit. Which of the following situations requires a disclosure of the contingent liability in the notes to the financial statements?
When the loss is remote and the amount cannot be reasonably estimated.
When the loss is remote and the amount can be reasonably estimated.
When the loss is reasonably possible and the amount can be reasonably estimated.
When the loss is probable and the amount can be reasonably estimated.
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