Contingencies & commitments

Question 1

When will gain contingencies be recorded on the financial statements?

Answer 1

Gain contingencies recognized when they are realized.

Question 2

What would be the value chosen from a range of low to high to record a contingent liability that is probable and estimable? must be recognized and the amount that get recorded is the is the lower of the value range if both amount are equally likely.

Answer 2

Contingent liabilities are recorded at the the lower of the value range if both amount are equally likely.