Kitogawa Company has a contingent liability in the future that is unlikely to happen and the amount is not significant. What is the appropriate accounting treatment for the contingent liability?
Select one:
a. Neither recorded in the accounting records nor disclosed in the notes to the financial statements.
b. Recorded in a journal entry only.
c. Recorded in a journal entry and disclosed in the notes to the financial statements.
d. Disclosed in the notes only.
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