Machine Corp. has several pending lawsuits against its company. Review each situation A. A pending lawsuit, claiming $102,000 in damages, is considered likely to favor the plant and can be reasonably estimated , Machine Corp, believes there might be other potential tawsuits about this faulty machinery, but this is unlikely to actul C. A claimant sues Machine Corp. for damages, from a dishonored service contract agreement; the partitt will key win the case bit damages cannot be reasonably estimated D. Machine Corp, believes a customer will win a lawsuit it filed, but the outcome is not likely and is not remote. It is possible the customer wil win. 1 and 2. Which of the above situations require recognition in the financial statements and which require note diaconure only 2. A must be recognized and requires note disclosure: Cand require note disclosure only b. All four cases require note disclosure only CA, C, and must be recognized; B requires note disclosure only d. None of them need to be recognized or disclosed until the result is known. 3. Prepare any journal entries required to recognize a contingent liability. If an amount box does not require an entry, leave it blank