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. (If 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 $600,000. 2. The likelihood of a loss occurring is probable and the loss is estimated to be in the range of $550,000 to $900,000. 3. The likelihood of a loss occurring is reasonably possible and the estimated loss is $600,000. 4. The likelihood of a loss occurring is remote, while the estimated potential loss is $600,000. 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. (If 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 $600,000. 2. The likelihood of a loss occurring is probable and the loss is estimated to be in the range of $550,000 to $900,000. 3. The likelihood of a loss occurring is reasonably possible and the estimated loss is $600,000. 4. The likelihood of a loss occurring is remote, while the estimated potential loss is $600,000