a a Coronado Shoes Foot Inc. is involved in litigation regarding a faulty product sold in a prior 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 45% chance of losing If this is the case, their attorney estimated that the amount of any payment would be $796000. What is the required journal entry as a result of this litigation? Debit Litigation Expense for $358200 and credit Litigation Liability for $358200 O Debit Litigation Expense for $796000 and credit Litigation liability for $796000 O Debit Litigation Expense for $437800 and credit Litigation Liability for $437800 O No journal entry is required