Decorative Concrete produces a concrete overlay for residential and commercial concrete flooring. Customers have complained that one of the products results In excessive cracking. The likelihood the company will incur a loss on this product is probable and the amount of the loss is estimated to be somewhere between $1.7 and $4 million. 1. Should this contingent liability be reported, disclosed in a note only, or both? Skipped O To be reported O To be disclosed O Both eBook 2. What loss, If any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions. 3. What liability, If any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions. Liability to be reported 4. What entry,if any, should be recorded? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.) View transaction list Journal entry worksheet 3. What llablity, If any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions.) Liablity to be reported Skipped eBook 4. What entry, if any, should be recorded? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.) View transaction list Journal entry worksheet Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal dit Record entry Clear entry View general journal