30. Sandy Shoes Foot Inc. is involved in litigation regarding a faulty produd sold in a phot year. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attorneys estimated that there is a 40% chance of losing, this is the case, their attomey estimated that the amount of any payment would be $800,000. What is the required journal entry as a result of this litigation? a. Debit Litigation Expense for $800,000 and credit Litigation liability for $800,000 b. No journal entry is required. C. Debit Litigation Expense for $320,000 and credit Litigation Liability for $320,000 d. Debit Litigation Expense for $480,000 and credit Liigation Liability for $480,000 for 450 000. The estimated salvage