Panama Shirt Designs is a defendant in litigation involving an employee accident in its manufacturing plant. For each of the following scenarios, determine the appropriate way to report the situation and record any necessary entry 1. The lkelhood of a loss occurring is probable and the estimated loss is $650.000. account field.) View transaction list Journal entry worksheet Record the contingent liability ifneeded Note: Enter debits before creeits. Event General Journal Debit Credit Record entry Clear entry View general jeurnal 3. The likelihood of first account field.) a loss occurring is reasonably possible and the estimated loss is $650,000. (If no entry is required for a transactionlevent, select "No journal entry required" in the View transaction list Journal entry worksheet Record the contingent liability if needed. Note: Enter debits before credits Event General Journal Debit Record entry Clear entry View general journal 4. The ikeihood of first account field.) a loss occurring is remote, while the estimated potential loss is $650,000 (f no entry is required for a transaction/event, select "No journal entry required" in the View transaction Est Journal entry worksheet Record the contingent liability if needed. Note: Erter debits before credas General Journal Record entry Clear entry View general journal