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Question 3 of 7 6/8 3 Novak Airlines is faced with two situations that need to be resolved before the financial statements for the company's year ended December 31, 2020 can be issued. 1. The airline is being sued for $4 million for an injury caused to a child as a result of alleged negligence while the child was visiting the airline maintenance hangar in March 2020. The suit was filed in July 2020. Novak's lawyer states that it is likely that the airline will lose the suit and be found liable for a judgement costing anywhere from $400,000 to $2 million. However, the lawyer states that the most probable judgement is $761,300. 2. On November 24. 2020, 26 passengers on Flight No. 901 were injured upon landing when the plane skidded off the runway. On January 11. 2021. personal injury suits for damages totalling $5 million were filed against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel has studied each suit and advised that it can reasonably expect to pay 62% of the damages claimed. (a) Prepare any journal entry for the airline required by ASPE in the preparation of the December 31, 2020 financial statements. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit Question 3 of 7