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 $18 and $5 million 1. Should this contingent liability be reported, discosed in a note only, or both? 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 10 reported 3. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answers in collars, not in millions.) Liability 10 bo reported 4 What ante any chancherornar? Hnnantele Panvar farnar arranearrinn lavant calar "NA Inmal Faru 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.) Sed View transaction list OK Journal entry worksheet Record the contingent liability if needed. Note: Enter debit before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general Joumat Inch