Current Attempt in Progress Martinez Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. As a result of uninsured accidents during the year, personal injury suits for $732,000 and $119,800 have been fled against the company. It is the judgment of Martinez's legal counsel that an unfavorable outcome is unlikely in the $119.800 case but. that an unfavorable verdict approximating $517,200 (reliably estimated) will probably result in the 5732,000 case. 2. Martinez owns a subsidiary in a foreign country that has a book value of $5,298,000 and an estimated fair value of $8,602,000. The foreign 8overnment has communicated to Martinez its intention to exropriate the assets and business of all foreign investors. On the basis of settlements other firms have received from this same country, Martinez expects to receive 50% of the fair value of its properties as final settlement. 3. Martinez's chemical product division consisting of five plants is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. The year 2025 is considered one of the safest (luckiest) in the division's history because no loss due to injury or casualty was suffered. Having suffered an average of three casualties a year during the rest of the past decade (ranging from $59,900 to $672,200 ), management is certain that next year the company will probably not be so fortunate. (a) Prepare the journal entries that should be recorded as of December 31,2025 , to recognize each of the situations above. Of no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automotically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)