At December 31, 2023, Ayayal & Swifty Inc. (A&S) is involved in a lawsuit. (a) Under existing standards in IAS 37, prepare the December 31 entry assuming it is probable (and very likely) that A&S will be liable for $770,000 as a result of this suit. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)