ABC Co$.$ filed suit against EFG Ltd$.$ in$2016$ seeking damages for patentinfringement. At December $31,2016,$legal counsel for ABC believed that it wasprobable that ABC would be successfulagainst EFG for an estimated amount inthe range of $$30$ million to $$80$ million.with each amount in that rangeconsidered equally likely. Legal counsel forEFG also advised that it was probable thatEFG would be liable for an amount in thesame range. ABC was awarded $$50$million in April $2017.$ EFG should reportthis liability in its $2016$ financialstatements, authorized for issue in March,$2017$ as$($write down the journal entryin the format such as$"$Dr$.$ Expense $$10$million, Cr$.$ Payable $$10$ million"$).$