Panama Shirt Designs is a defendant in litigation involving an employee accident in its manufacturing plant. Record the appropriate journal entry for each of the following scenarios. Of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1. The likelihood of a loss occurring is probable and the estimated loss is $550,000 2. The likelihood of a loss occurring is probable and the loss is estimated to be in the range of $500,000 to $750,000. 3. The likelihood of a loss occurring is reasonably possible and the estimated loss is $550,000 4. The likelihood of a loss occurring is remote, while the estimated potential loss is $550,000, 12:41 View transaction fist Journal entry worksheet 1 2 3 4 The likelihood of a loss occurring is probable and the estimated loss is $550,000. If necessary, record the appropriate journal entry, Note: Enter debits before credits Debit Credit Transaction General Journal 1 View general Journal Record entry Clear entry