Company has sales of $1.573,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Product costs Selling expenses Administrative expenses Variable $510,000 110,000 Net Income 90,000 Fixed $560,000 85,000 77,000 Calculate the company's net income under CVP for 2022

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.