4. Concord's chemical products division consists of five plants and is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. Consequently, Sahoto must self-insure for these risks. The year 2023 is considered one of the safest in the division's history because there were no losses due to injury or casualty. Having suffered an average of three casualties a year during the rest of the past decade (ranging from $60,000 to $700,000), management is certain that next year Concord will not be so fortunate. (a) Prepare the journal entries that should be recorded as at December 31, 2023, to recognize each of the situations above. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)