Solved: How would a contingent loss be reported in the income, Accounting Basics

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How would a contingent loss be reported in the income

1. How would a contingent loss be reported in the income statement? Should the liability be short term or long term? Why?

2. How do you report refinancing of a short term obligation under GAAP? Is it different under IFRS?.

Please answer all the questions above, as more detail as possible

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Accounting Basics: How would a contingent loss be reported in the income

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