Some social studies stuff You want to buy a new cell phone that costs $80 and two new video games that cost $40 each, but you don't have enough money saved for all of it. Which of the following best describes the opportunity costs involved in your purchase decision? (3 points) If you buy a new cell phone, your opportunity cost is the money you spend to purchase the phone. If you buy two new games, your opportunity cost is the money you spend to purchase the games. If you buy a new cell phone, your opportunity cost is the time you could spend talking on the phone. If you buy two new games, your opportunity cost is the time you could spend talking on the phone.

The following legal claims exist for m. finger co. identify the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements. 1. m. finger (defendant) estimates that a pending lawsuit could result in damages of $1,250,000; it is reasonably possible that the plaintiff will win the case. an item described in notes to its financial statements. a liability that is recorded. 2. m. finger faces a probable loss on a pending lawsuit; the amount is not reasonably estimable. a liability that is recorded. an item described in notes to its financial statements. 3. m. finger estimates damages in a case at $3,500,000 with a high probability of losing the case. an item described in notes to its financial statements. a liability that is recorded. the amount that m. finger co. should record in its accounting records related to these suits is: