When a material gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:

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When a material gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be:

A. Reported in the income statement and disclosed.
B. Offset against shareholders’ equity.
C. Disclosed, but not recognized in the income statement.
D. Neither recognized in the income statement nor disclosed.

Answer: C

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