At December 31,2017 , a company is involved in three lawsuits. For each case, determine the liability reported for both US GAAP and IFRS. The company uses the "most likely" outcome method when appropriate. ( 24 points 4 points each answer) - A class action lawsuit involving 1,000 plaintiffs. Company legal counsel estimates there is a 60% chance the plaintiffs will be individually awarded between $5,000 and $10,000 where each potential outcome is equally likely. US GAAP: IFRS: - An individual is suing the company for $3,000,000. Company legal counsel estimates that there is a 75% chance the court will award the individual between $200,000 and $1,000,000 where each potential outcome is equally likely. US GAAP: IFRS: - A competitor is suing the company for $10,000,000. Company legal counsel believes there are three separate potential outcomes as follows: a 20% chance the company will need to pay $10,000,000, a 65% chance the company will need to pay $4,000,000, and a 15% chance the company will need to pay $0. US GAAP: IFRS