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 $3 million. Required: 1. Should this contingent liability be reported, disclosed in a note only, or both? 2. What loss, if any, should Decorative Concrete report in its income statement? 3. What liability, if any, should Decorative Concrete report in its balance sheet? 4. What journal entry, if any, should be recorded? Complete this question by entering your answers in the tabs below. Should this contingent liability be reported, disclosed in a note only, or both? Should this contingent liability be reported, disclosed in a note only, or both? Complete this question by entering your answers in the tabs below. What loss, if any, should Decorative Concrete report in its income statement? (Enter your answers in dollars, not in millions.) Complete this question by entering your answers in the tabs below. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answers in dollars, not in millions.) What journal entry, if any, should be recorded? (If no entry is required for a particular transaction/event, select "No Required" in the first account field. Enter your answers in dollars, not in millions.) Journal entry worksheet Note: Enter debits before credits