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33) Aljur Company is involved in litigation regarding a faulty product sold in a prior year. The entity has consulted with an attorney and determined that there is a 50% chance of losing. The attorney estimated that the amount of any payment would be between P500,000 and P800,000 with P500,000 as the best estimate. What is the required journal entry as a result of this litigation? A. No journal entry is required B. Debit Litigation expense and credit Litigation Liability P250,000 C. Debit Litigation expense and credit Litigation Liability P500,000. D. Debit Litigation expense and credit Litigation Liability P660,000