Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2025 and 2026. Accrued liability $ 2025 $ 2026

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.