James Soda is a regional soda manufacturer. James is currently facing three lawsuits, summarized below: Required: How should James report each of the lawsuits in its financial statements and footnotes? U 22222 Book Het a. A customer is suing James for $1 million because he claims to have found a piece of glass in his soda. Management deems the probability that James will lose the lawsuit and have to pay $1 million as reasonably possible. b. An employee issuing James for $500.000 for an injury she incurred in the parking lot while walking to work Management deems the probability that James will lose the lawsuit as probable but estimates that a reasonable payout will be $100,000, not $500.000 A customer is suing James for $300,000 because her last name is James and she claims James stole her name Management deems the probability that James will lose the lawsuit and have to pay $300,000 as remote Probability of future economic sacrifice Disclosure Requirement