(Answered) Contingent liabilities present certain problems and

Accounting

Contingent liabilities present certain problems and opportunities for companies. You have been asked to help prepare the company's annual report and a lawsuit has been brought against the company for $50 million. Your company counsel has indicated that theclaim of liability may be questionable; however, if your company is determined to be liable, the amount sued for may or may not be reasonable. The question is then, what information should you include in your annual report and why?

Please answer in this word sheet, and re attach it. Very important for me to make sure it is attached instead of posting the answer directly to coursehero. Thank you. Couple of senstances or a paragraph is just Fne. As long as you put the answer in your own words without taking the answer somewhere else.

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