Which of the following statements about contingent assets and contingent liabilities are correct?
1 A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
2 A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be
required, with no provision being made.
3 No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be
required
4 No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is
remote