1a. Prepare the journal entry to record the loss contingency under US GAAP at December 31, 2019. General Joumal instructions Question not attempted. 2. Prepare the joumal entry to record the loss contingency under IFRS at December 31, 2019. General Joumal Instructions Question not attempted. Chart of Accounts On Decomber 4, 2019, Dan Johnson, delivery truck driver for Farmers Products Inc, tan a stop sign and collided with another vehicle. On January 8, 2020, the driver of the other vehicle flied suit against Farmers Products for damages to the vehicle. Estimated damages to this vehicle were between $6,000 and $10,000 whit no amount within the range more likely than ary other amount. Farmers Products issued its 2019 financial statements on March 3, 2020. Required: 1. Prepare the disclosures andler joumal entries Farmers Products should make in preparing iss Decomber 31, 2019. financiaf statements. 2. If Farmers Products used IFRS, how would the disclosures andor joumal entries differ from those under. U.S. GAAP? 1a. Prepare the journal entry to record the loss contingency under US GAAP at December 31, 2019. General Joumal instructions Question not attempted. 2. Prepare the joumal entry to record the loss contingency under IFRS at December 31, 2019. General Joumal Instructions Question not attempted. Chart of Accounts On Decomber 4, 2019, Dan Johnson, delivery truck driver for Farmers Products Inc, tan a stop sign and collided with another vehicle. On January 8, 2020, the driver of the other vehicle flied suit against Farmers Products for damages to the vehicle. Estimated damages to this vehicle were between $6,000 and $10,000 whit no amount within the range more likely than ary other amount. Farmers Products issued its 2019 financial statements on March 3, 2020. Required: 1. Prepare the disclosures andler joumal entries Farmers Products should make in preparing iss Decomber 31, 2019. financiaf statements. 2. If Farmers Products used IFRS, how would the disclosures andor joumal entries differ from those under. U.S. GAAP