ET1- 6B Remington Company is involved in a lawsuit as a result of an accident that took place September 5, 2017 . The lawsuit was filed against Remington on November 1 , 2017 , and claims damages of $ 700, 000. Instructions ( a ) At December 31 , 2017, Remington's attorneys feel it is remote that Remington will lose the lawsuit . How should the company account for the effects of the lawsuit ?" (b ) Assume instead that at December 31 , 2017, Remington's attorneys feel it is probable that Remington will lose the lawsuit , and be required to pay $ 700, 000 . How should the Company account for this lawsuit ? ( C ) Assume instead that at December 31 , 2017, Remington's attorneys feel it is reasonably possible that Remington could lose the lawsuit , and be required to pay $700, 000. How should the company account for this lawsuit