Business, 03.07.2020 22:01 amariyanumber1923

Panama Shirt Designs is a defendant in litigation involving an employee accident in its manufacturing plant. For each of the following scenarios, determine the appropriate way to report the situation and record any necessary entry.

- 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.

- 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.)

- 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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