10 Exercise 13-22 (Static) Various transactions involving contingencies; IFRS (LO13-5, 13-6, 13-7] 15 Doint The following selected circumstances relate to pending lawsuits for Erismus, Inc Erismus's fiscal year ends on December 31 Financial statements are issued in March 2022 Erismus prepares its financial statements according to IFRS Required: Indicate the amount Erismus would record as an asset a hability or if no accrual would be necessary in the following circumstances 1. Erismus is defending against a lawsuit Eritmuss management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court and that if it loses the judgment will be S1000.000 2 Erismus is defending against a lawsuit Erismuss management believes it is probable that the company will lose in court if at les management believes that damages could fall anywhere in the range of $2.000.000 to $4,000,000 with any damage in that range equally likely 3. Erismus is defending against a lawsuit Erismus's management believes it is probable that the company will lose in court if itloses management believes that damages will eventualybe 55,000,000, with a present value of $3 500.000 4. Erismus is a plaintiff in a lawsuit Erismuss management believes it is probable that the company eventually will prevailin court and that if it prevads, the judgment will be $1.000.000 5. Erismus is a plaintiff in sut Enmuss management believes it is virtually certain that the company eventualy will prevailin court and that if it prevails the judgment will be $500.000