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Larkspur Inc. is involved in a lawsuit at December 31, 2017. a) Prepare the December 31 entry assuming it is probable that Larkspur will be

Larkspur Inc. is involved in a lawsuit at December 31, 2017.

a) Prepare the December 31 entry assuming it is probable that Larkspur will be liable for $909,600 as a result of this suit.

b) Prepare the December 31 entry, if any, assuming it is not probable that Larkspur will be liable for any payment as a result of this suit.

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