In August of the current year, a customer at Oh So Spicy Restaurant slipped on a wet floor and broke a hip. The customer sued the corporation in September of the current year. The company's attorneys believe that it is 99% likely that Oh So Spicy will lose this case and estimate that the loss will range between $560,000 and $860,000. There is no best estimate in this range of possible losses. What is the journal entry to record the contingent liability on the December 31 financial statements? (Record debits first, then credits. Exclude explanations from any journal entries.) CE Account December 31