Part A: Afon Company is a defeadant in a wrongful death suit filed as a resalt of the death of an employee who was workins on one of the company's production lines. The plaintiff filed suit in June and has asked for damages of $3,000,000. Alton camies insurance for potential claims of this nature, but the insurance coverage amounts to $1,500,000. Legal counsel for Alton believes that the judge will rule in the plaintiff's favor and that the company will have to pay about $2,200,000, but the settlement could reach $3,000,000. Deseribe the treatment of this event and related lawsuit as financial statement disclosures and prepare joumal entry as required