answer all the parts with journal entries

The following are six independent situations. The underlined entity is the reporting entity. 1. The Supreme Court of Canada ordered a supplier to pay Towna Haring Inc. $590,000 for breach of contract. 2. Iam Pharmaceuticals Inc. sued Game Day Agencies Ltd. for $10 million alleging patent infringement. While there may be some substace to lam's assertion, Game Day's legal counsel estimates that lam's likelihood of success is about 30%. 3. Environment Canada sued Tin Man Isotopes Ltd. for $8 million seeking to recover the costs of cleaning up Tin Man's accidental discharge of radioactive materials. Tin Man acknowledges liability but is disputing the amount, claiming that the actual costs are in the range of $4 million to $5 million. Tin Man's $8 million environmental insurance policy includes a $2 million deductible clause. Situations 4. Grade A Cattle Inc. sued Vitamin Feed Ltd. for $3 million alleging breach of contract. Vitamin's legal counsel estimates that Grade A's likelihood of success is about 80%. Based on its experience with cases of this nature, the law firm estimates that, if successful, the litigants will be awarded $1,500,000 to $2,100,000, with all payouts in this range being equally likely. 5. Kate Samms broke her leg when she,tripped on an uneven floor surface in Augusta Co.'s office. On the advice of legal counsel, Augusta has offered Samms $200,000 to settle her $325,000 lawsuit. It is unknown whether Samms will accept the settlement offer. Augusta's legal counsel estimates that Samms has a 90% probability of success, and that if successful, she will be awarded $260,000. 6. The courts ordered a competitor to pay $700,000 to Shirley and Laverne Corp. for patent infringement. The competitor's legal counsel indicated that the company will probably appeal the amount of the award. Complete requirements a and b for each situation. 1. The Supreme Court of Canada ordered a supplier to pay Towna Haring Inc. $590,000 for breach of contract. The appropriate accounting treatment is for Towna Haring Inc. to: A. recognize an asset or liability. B. recognize a revenue. C. disclose the details of the contingency in the notes to the financial statements. D. neither provide for the item nor disclose the circumstances in the notes to the financial statements. Prepare the required journal entry for Towna Haring Inc. (Enter amounts in dollars, not in millions. Record debits first, then credits. required, enter "No entry required" on the top line of the journal entry.) Lam'o theihood of ruocess is abeat 30% The agproprabe acsounting troatrent is for Game Day to A. disctooe the detals of the contingency in the noles to the finsicat statements. B. recogrite a revenue C. recogrise an assot or liablity. D. neither provida for the kom nor disdose the circohislances in the notes to the fiancial stalemerte The appecprate accounhing treaknerk is for Tin Man lsologes Llid to A nither provide for the item nor disdote the citcumstances in the nolos to the francul atalomerta B. dicose the ditab of the conticgency in the noles lo the francial staiementa 0. recogrice an anset or labity. 4. Grade A Came inc sood Viamin Food Ld. for $3 milion alogng breach of contract Vitamin' legal counsel estimalos that Grade A's likoihood of saccess is about coks. Baied on its expenience wet The appropriate acoounting treatrech is for Viamin Feod Led, to A. neither provide for the ithen nor ditcloso the circunstancos in the colios to the frandal statemonts. B. dindoce the details of the contingency in the notos to the finariat stateinents. C. rocogrizo an ascet or liabily. D. mosgrize a revonuo. The acpresiate scounting treatinent is for Augita to A. noither provide foc the itom nor disciose ite oroumstances in the notes to the friancial statermerts E. teoogine an astet or liabily C. discose the detalt of the contingency in the noles to tho francial statomineses D. moonure a revenue ander "To ontry toqured on the top line of the pounal erey) 6. The couts ordered a compethor to pay 5700,000 to Shiloy and Laveme Corp. for patont infringement. The compoblor's logal counsol indicated ithat the couripary will probably appoal the amount of the award The appropriate acocunting vealment is for Shirley and Laveine Copp to: A. deponding on whethor the culcorre is probatife or possible, oither doctose the detals of the contingoncy in the nolvs to the financial statements or do nathing ineither previde for the aem nor disclose the croumstances in the nolos to the financial statements). B. recogrizo an astat. C. recognizo a labity. D. recognite a reverive. entily is roquired, enter Tho ontry requieve on the top line of the joumal entry.) The following are six independent situations. The underlined entity is the reporting entity. 1. The Supreme Court of Canada ordered a supplier to pay Towna Haring Inc. $590,000 for breach of contract. 2. Iam Pharmaceuticals Inc. sued Game Day Agencies Ltd. for $10 million alleging patent infringement. While there may be some substace to lam's assertion, Game Day's legal counsel estimates that lam's likelihood of success is about 30%. 3. Environment Canada sued Tin Man Isotopes Ltd. for $8 million seeking to recover the costs of cleaning up Tin Man's accidental discharge of radioactive materials. Tin Man acknowledges liability but is disputing the amount, claiming that the actual costs are in the range of $4 million to $5 million. Tin Man's $8 million environmental insurance policy includes a $2 million deductible clause. Situations 4. Grade A Cattle Inc. sued Vitamin Feed Ltd. for $3 million alleging breach of contract. Vitamin's legal counsel estimates that Grade A's likelihood of success is about 80%. Based on its experience with cases of this nature, the law firm estimates that, if successful, the litigants will be awarded $1,500,000 to $2,100,000, with all payouts in this range being equally likely. 5. Kate Samms broke her leg when she,tripped on an uneven floor surface in Augusta Co.'s office. On the advice of legal counsel, Augusta has offered Samms $200,000 to settle her $325,000 lawsuit. It is unknown whether Samms will accept the settlement offer. Augusta's legal counsel estimates that Samms has a 90% probability of success, and that if successful, she will be awarded $260,000. 6. The courts ordered a competitor to pay $700,000 to Shirley and Laverne Corp. for patent infringement. The competitor's legal counsel indicated that the company will probably appeal the amount of the award. Complete requirements a and b for each situation. 1. The Supreme Court of Canada ordered a supplier to pay Towna Haring Inc. $590,000 for breach of contract. The appropriate accounting treatment is for Towna Haring Inc. to: A. recognize an asset or liability. B. recognize a revenue. C. disclose the details of the contingency in the notes to the financial statements. D. neither provide for the item nor disclose the circumstances in the notes to the financial statements. Prepare the required journal entry for Towna Haring Inc. (Enter amounts in dollars, not in millions. Record debits first, then credits. required, enter "No entry required" on the top line of the journal entry.) Lam'o theihood of ruocess is abeat 30% The agproprabe acsounting troatrent is for Game Day to A. disctooe the detals of the contingency in the noles to the finsicat statements. B. recogrite a revenue C. recogrise an assot or liablity. D. neither provida for the kom nor disdose the circohislances in the notes to the fiancial stalemerte The appecprate accounhing treaknerk is for Tin Man lsologes Llid to A nither provide for the item nor disdote the citcumstances in the nolos to the francul atalomerta B. dicose the ditab of the conticgency in the noles lo the francial staiementa 0. recogrice an anset or labity. 4. Grade A Came inc sood Viamin Food Ld. for $3 milion alogng breach of contract Vitamin' legal counsel estimalos that Grade A's likoihood of saccess is about coks. Baied on its expenience wet The appropriate acoounting treatrech is for Viamin Feod Led, to A. neither provide for the ithen nor ditcloso the circunstancos in the colios to the frandal statemonts. B. dindoce the details of the contingency in the notos to the finariat stateinents. C. rocogrizo an ascet or liabily. D. mosgrize a revonuo. The acpresiate scounting treatinent is for Augita to A. noither provide foc the itom nor disciose ite oroumstances in the notes to the friancial statermerts E. teoogine an astet or liabily C. discose the detalt of the contingency in the noles to tho francial statomineses D. moonure a revenue ander "To ontry toqured on the top line of the pounal erey) 6. The couts ordered a compethor to pay 5700,000 to Shiloy and Laveme Corp. for patont infringement. The compoblor's logal counsol indicated ithat the couripary will probably appoal the amount of the award The appropriate acocunting vealment is for Shirley and Laveine Copp to: A. deponding on whethor the culcorre is probatife or possible, oither doctose the detals of the contingoncy in the nolvs to the financial statements or do nathing ineither previde for the aem nor disclose the croumstances in the nolos to the financial statements). B. recogrizo an astat. C. recognizo a labity. D. recognite a reverive. entily is roquired, enter Tho ontry requieve on the top line of the joumal entry.)