Delta Company is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attomeys estimated that there is a 35% chance of losing if this is the case, their attorney estimated that the amount of any payment would be $700,000. What is the required journal entry as a result of this litigation? A. Debit Litigation Expense for $700,000 and credit Litigation liability for $700,000. B. No journal entry is required, and disclosure is required. C. Debit Litigation Loss for $700,000 and credit Litigation liabiity for $700,000. D. No journal entry is required, and no disclosure required. (1) Moving to another question will save this response