Contingent liability or liability

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Indicates whether the following are (a) a contingent liability or (b) a liability and state how these will be displayed on the statement of financial position.

1. A taxi disputes with an Australian taxation office, this dispute has been ongoing for 2 year's

2. A 10 year lease agreement - $100,000

3. An agreement to purchase goods with a current supplier - $30,000 which is unpaid at year-end.

4. A potential lawsuit over a defective product.

Reference no: EM133272786

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