1 Jim's Veggies sells vegetables at the farmer's market. On August 15, 2021 they found out that they are being sued for selling lettuce that was contaminated with bacteria which made some people ill. Jim's lawyer has determined that Jim's Veggies will very likely have to pay out $50,000 as a result of this lawsuit. When preparing their financial statements for the year ended August 31, 2021 they will need to: A. Neither of the other options is necessary B. Describe the lawsuit in the notes to the financial statements only C. Set up a liability in their financial statements