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What is the amount of contingent liabilities

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Reference no: EM133008828

Question - On January 1, 2021 ODE Inc. guaranteed a 1,000,000 loan obtained by HJU Corp. from a bank. On December 31, 2021, HJU Corp. defaulted on its loan and it became probable that ODE Inc. will be held liable to the bank for the 1,000,000 loan taken by HJU Corp. What is the amount of contingent liabilities that ODE Inc. should disclose as of December 31, 2021?

Reference no: EM133008828

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