Eastem Manufacturing is involved with setveral situations that possibly imvolve contingencies Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsult resulting from a dispute with a suppliet. On February 3. 2022, jodgment was rendered against Eastern in the amount of $121million plus interest a total of $136 million Eastern plans to appeol the judgment and is unable to predict its cutcome though it is not 6xpected to have a material-adverse effect on the company b. In November 2020, the State of Nevada filed sult against Eastem. secking civil penalties and injunctive rellef for. violations of environmental laws regulating hzardous waste. On January 12, 2022, Eastern reached a settlemnt with state authorities. Based upon discussions with legal councel, the Company fees it is probsble that $154 million will be required to cover the cost of violotions. Eastem bellewos that the ditimate settlement of this claim Will not have a material adverse effect on the company. c. Eastern is the plalnbiff in a $214 million lawsuit filed against United Steel for damages due to lost profits from rejected contracts and for unpaid receivables. The case is in final appeal and legal counsef advises that it is probable that Eastern will prevoil and be awarded 5150 milion. d. At March 15, 2022. Eastern knows a competitor has threatened litigation due to patent infringement. The competitor has not yet flied a lawsult. Management belleves a lawsuit is reasonably possible, and if a-lawsuit is. filed, management believes damages of up to $47mili on are reasonably possible. Required: 1. Determine the appropriate way to report each situation. 2. Prepare the appropriate journal entries for these situations. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries for these situatlons. (bf no entry is required for a transaction/event, select "No jou required" in the first account field. Enter your answers in whole dollars.] Journal entry worksheet Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, Judgment was rendered against Eastern in the amount of $121 million plus interest, a total of 5136 milion. Eastern plans to appeal the lud ? it and is unable to predict its outcome though it is not expected to