A number of independent situations are described below. 1) Meagan Morton broke her arm when she slipped on the ice in front of the office of Boondoggle Inc. On the advice of legal counsel, Boondoggle has offered Morton $200,000 to settle her $400,000 lawsuit. It is unknown whether Morton will accept the settlement offer. Boondoggle's legal counsel estimates that Morton has a 75% probability of success and that if successful she will be awarded $200,000 to $300,000 with all payouts in the range being equally likely. 1a) Assume for this part only that Boondoggle uses ASPE. Would you change your answer? Describe the new outcome. 2) Prince Albert Amusement Inc. has a long-term loan facility with Saskabank, that becomes payable on demand in the event of default. One of the loan covenants stipulates that Prince Albert will ensure that its year-end current ration does not fall below 1.5:1. In early December, the company anticipated that its current ratio would be less than the required minimum at its year-end of December 31 2022, Prince Albert discussed this matter with Saskabank and on December 29, 2022, the bank agreed to waive this covenant until January 31, 2024. Prince Albert's current ratio on December 31, 2022 was 1.29:1. 3) A former employee of Edmonton Bison Inc. fired for incompetence has sued the company for wrongful dismissal. The plaintiff is seeking $100,000 in damages. Edmonton's lawyers advise that the lawsuit has a 5% probability of success and that, if successful, the plaintiff will be awarded between $10,000 and $20,000 with all amounts in the range being equally likely. 4) Bathurst Piano Storage Inc. issued a $50,000, 6-month, non-interest hearing note to Lee's Crating for storage bins. The market rate of interest for similar transactions is 6% per annum. Required: For each of the above situations, assuming reporting under IFRS, describe how the event should be dealt with in the financial statements of the entity and explain why. Prepare any necessary journal entry