New Pending Lawsuit 3. A new product liability lawsuit was filed related to the drug Romak. Menough's attorneys assess the likelihood c los the a suitas em e at 10%. The atto ey sas e ment of the ss anges d 30 000 and a een Explain the accounting for the third lawsuit by answering the questions in the table below. (Complete all answer boxes.) Does a Type of Likelihood RecordFootnote disclosure of occurance required? Prepare the joumal entry below if required at the end of the year for the third pending lawsuit. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required select "No Entry Required on the first line of the jounal entry table and leave all remaining cells in the table blank.) Account December 31, Current Year