Nash Inc. is involved in a lawsuit at December 31, 2020. (a) (b) Your answer is correct. Prepare the December 31 entry assuming it is probable that Nash will be liable for $854,900 as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation December 31, 2020 Lawsuit Loss Lawsuit Liability eTextbook and Media List of Accounts Debit 854900 Credit 854900 Attempts: 1 of 3 used Prepare the December 31 entry, if any, assuming it is not probable that Nash will be liable for any payment as a result of this suit. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation December 31, 2020 Debit Credit