During 2020, salt-n-pepa inc. became involved in a tax dispute with the irs. salt-n-pepa’s attorneys have indicated that they believe it is probable that salt-n-pepa will lose this dispute. they also believe that salt-n-pepa will have to pay the irs between $900,000 and $1,400,000. after the 2020 financial statements were issued, the case was settled with the irs for $1,200,000. what amount, if any, should be reported as a liability for this contingency as of december 31, 2020