If management considers a material loss contingency to be probable but an amount cannot be reasonably estimated, the proper accounting treatment is: a. note disclosure only. b. accrual in the financial statements only. c. accrual in the financial statements and note disclosure. d. no adjustment or disclosure necessary

Three years ago, the city of recker committed to build a park and music venue by the river. it was expected to cost $2.5 million and be paid for from an additional meals tax in the community. the residents pushed back. local restaurants suffered as people ate out less or patronized restaurants in neighboring communities. the project has stalled, but the town council kept pushing it on. this spring, a flood devastated the venue. the town council appears to have suffered from bias