Monty Inc. is involved in a lawsuit at December $31,2020.$

$($a$)$

Prepare the December $31$ entry assuming it is probable that Monty will be liable for $$886,700$ as a result of this suit. $($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

December

$31,2020$

eTextbook and Media

List of Accounts

Attempts: unlimited

$($b$)$

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