Decorative Concrete produces a concrete overlay for residential and commercial concrete flooring. Customers have complained that...

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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 $1.2 and $5 million. 1. Should this contingent liability be reported, disclosed in a note only, or both? O To be reported To be disclosed O Both 2. What loss, if any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions.) Loss to be reported 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.) 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 $1.2 and $5 million. 1. Should this contingent liability be reported, disclosed in a note only, or both? O To be reported To be disclosed O Both 2. What loss, if any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions.) Loss to be reported 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.)