Current Astempt in Progress In preparing Marigold Corporation's December 31,2023 financial statements under ASPE, the vice-president, finance, is trying to determine the proper accounting treatment for each of the following situations: 1. As a result of uninsured accidents during the year, personel injury suits for $365,000 and $60,000 have been filed against Marigold. it is the judpement of Marigold's lawyers that an unfavourable outcome is unilikely in the $60,000 case but that an unfavourable verdict for approximately $250,000 is likaly in the $365,000 case. 2. In early 2023 , Marleold recelved notice from the provincial environment ministry that a site Marlgoid had been using to dispose of waste was considered toxic, and that Marigoid would be held responsible for its dearup under provincial legislation. The vice-president, finance, discussed thesituation over coffee with thevice-president, engineerine The eneineer stated that it would take up to three years to determine the best way to remediate the site and that the cost would be considerable, perhaps as much as $450,000 to $180 million or more. The engineerine vice-president advocates recognizine at least the minimum estimate of $450,000 in the current year's financial staternents. The financial vice-president advocates just disclosing the situation, and the inability to estimate the cost, in a note to the financial statements. 3. Marigold has a foreign division that has a net carryine amount of $5.680,000 and an estimated fair value of $8.9 million. The foreign government has told Marigold that it intends to expropriate the assets and businesses of all foreign investors. Based on settlements that other firms have received from this same country. Marieold opects to recche 41 S of the fair value of its properties as compensation. 4. Marigold's chemical products divisian consists of five plants and is uninsurable because of the speclal risk of injury to employees and losses due to fire and explosion Consequently. Sahoto must selfinsure for these ribls. The year 2023 is considered one of the safest in the division's history because there were no loses due to injury or casualty. Having suffered an average of three casualties a year during the rest of the past decade (ranging from $60,000 to $700,000 ), management is certain that next year Marigold will not be so fortunate. (a) Prepare the journal entries that should be recorded as at December 31, 2023, to recognize each of the situations above. (Credit account tibles are cutamaticolly indented when the cmount is entered. Do not indent manualk Libt ell debit entries before credit entries. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts)