216 Problem #8 217 The First Disaster Company is currently being sued by several former customers. For the two independent 218 scenarios below, describe what accounting actions should be taken by the company (use complete sentences): 219 220 a. Attorneys for the company state that First Disaster could possibly lose the suit (though unlikely); $500,000 is the 221 estimated liability if the suit is lost. 222 223 224 225 226 227 b. Attorneys for the company state that First Disaster will probably lose the suit, and will probably 228 be liable for $1 million, 29