Awesome Company is a defendant in a lawsuit at December 31, 2019. Based upon counsel and management's opinion, the outcome of such matters is expected to have a material adverse effect on the financial position of the company. The dispute is expected to be resolved in 2020 and it has been estimated that Awesome will be liable for $750,000 as a result of this suit. Prepare the December 31 entry assuming it is probable that Awesome will be liable for $750,000 as a result of this suit. Other information regarding the suit include;

-Alleged wrongful injury and/or death from exposure to asbestos fibers in the air

-Alleged period of exposure- March 10, 2019 to April 15, 2019