iscuss how the litigation will be represented in the financial statements of both entities; the newspaper and the public figure

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A: Compute the budgets as follows: Result:

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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.