When a loss contingency is recognized, where is it reported on the income statement?

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Q: This problem is based on the transactions for the Mobility Solutions Company in your text. Prepare…

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.