Panama Shirt Designs is a defendant in litigation involving an employee accident in its manufacturing plant.
Record the appropriate journal entry for each of the following scenarios. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
1) The likelihood of a loss occurring is probable and the estimated loss is $650,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
2) The likelihood of a loss occurring is probable and the loss is estimated to be in the range of $600,000 to $900,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3) The likelihood of a loss occurring is reasonably possible and the estimated loss is $650,000. The likelihood of a loss occurring is remote, while the estimated potential loss is $650,000.
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