Which one of the following would be considered a contingent liability?
Group of answer choices
A company has $980,000 worth of bonds outstanding
The company has access to a line of credit with a bank in the amount of $576,000
The company believes that it is reasonably possible it will lose a lawsuit but is unable to determine the possible damages
A company owes $44,000 on inventories purchased on credit
A company estimates that it will probably have to pay $48,000 to the Department of Environment Protection for a chemical spill