Decorative Concrete produces a concrete overlay for resldential 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 $1.5 and S4 million 1. Should this contingent liability be reported, disclosed in a note only, or both? To be reported To be disclosed Both 2. What loss, if any, should Decorative Concrete report in its income statement? (Enter your answer in millions rounded to 2 decimal places.) s to be reported million 3. What liability, if any, should Decorative Concrete report in its balance sheet? (Enter your answer in millions rounded to 2 decimal places.) ty to be reportedmillion 4. What entry, if any, should be recorded? (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in dollars, not in millions.) View transaction list Journal entry worksheet Record the contingent lability if needecd Note: Enter debits berore credits