Below are four independent situations. 1. In January 2023 , a worker was injured at the Turbo Prop Flight Center, that was partially the result of the employee's negligence. The employee has sued Turbo Prop Flight Center for $2,750,000. Turbo Prop's Legal counsel believes it is reasonably possible that the outcome of the suit will be unfavorable, and that the settlement will cost the company in the range of $1,300,000 to $,2600,000. Legal counsel estimates within this range, the likely amount will be $1,600,000. 2. A suit for breach of contract seeking damages of $300,000 was filed against Fast Eddie's Hot Rod Publications Company, by an author who wrote a book on rebuilding a Ford 427 cubic inch high performance engine. The suit was filed on December 24, 2021. Fast Eddie's legal counsel believes that an unfavorable outcome is probable. A reasonable estimate of the award to the author is between $150,000 and $250,000. No amount within this range is a better estimate of potential damages than any other amount. 3. Redding Coffee Roasters is involved in a pending court case in which they have sued their supplier of organic coffee beans. Redding's lawyers believe it is probable that they will be awarded damages of $190,000. 4. Shark-Craft Marine Supply, Inc., experienced a fire that destroyed their manufacturing facility. The loss is estimated at $1,685,000. The company has filed a claim with their insurance company, and hopes the entire loss, less a $30,000 deductible, will be covered. Instructions For each of the four separate independent situations above, explain what the proper accounting treatment should be, including any required disclosures in the financial statements