Current Liabilities and Contingencies Part A: The following selected circumstances relate to pending lawsuits for CheChee, Inc. CheChee's fiscal year ends on December 31. Financial statements are issued in March 2020. CheChee prepares its financial statements according to U.S. GAAP. Required: Indicate the amount of asset or liability that CheChee would record, and explain your answer. 1. CheChee is defending against a lawsuit. CheChee's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000 2. CheChee is defending against a lawsuit. CheChee's management believes it is probable that the company will lose in court. If it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. CheChee is defending against a lawsuit CheChee's management believes it is probable that the company will lose in court. If it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000 4. CheChee is a plaintiff in a lawsuit CheChee's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000 5. CheChee is a plaintiff in a lawsuit. CheChee's management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000