At December 31, 2023, Flint & Bridgeport Inc. (F&B) is involved in a lawsuit. (a) Your answer is partially correct. Under existing standards in IAS 37, prepare the December 31 entry assuming it is probable (and very likely) that F&B will be liable for $580,000 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.) Account Titles and Explanation eTextbook and Media Debit 580,000 Credit 580,000 Assistance Used

Under existing standards in IAS 37. prepare the December 31 entry assuming it is probable (and very likely) that F\&B will be fiable for $580,000 as a result of this suit. (Credit occount titles are outomaticolly indented when the amount is entered, Do not indent manuali, . List debit entry before credit entry. If no entry is required, select "No Entry' for the occount titles and enter O for the omounts.) Under existing standards in IAS 37. prepare the December 31 entry assuming it is probable (and very likely) that F\&B will be fiable for $580,000 as a result of this suit. (Credit occount titles are outomaticolly indented when the amount is entered, Do not indent manuali, . List debit entry before credit entry. If no entry is required, select "No Entry' for the occount titles and enter O for the omounts.)