please complete all requirements!!!

More info More into engines and pay damages for the owners' loss of use. The cost of replacing the engines would be approximately $420,000 (not including any damages). Jameson's attorney believes that it is reasonably possible that Jameson will lose the case, but the attorney cannot provide a dollar estimate of the potential loss amount. December 20 Jameson performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Jameson's cost of the repairs, paid in cash, was $600. December 22 An individual claims that he suffered emotional distress from a high-speed ride on a Jameson Go-Kart and is seeking $460,000 in damages. Jameson's attorney believes the case is frivolous because it does not have any legal merit. December 27 Another customer is suing Jameson for $180,000 because a defect in the customer's Jameson Go-Kart engine started a fire and destroyed the customer's garage. Jameson's attorney believes the customer will probably win the case and receive $180,000. (Use the following account names: Loss from Lawsuit and Accrued Liability from Lawsuit.) December 31 Jameson estimates that the warranty expense is 3% of gross sales. Jameson's gross sales for the period totaled $730,000. Requirements 1. Prepare the journal entries to record the transactions shown. Omit explanations. 2. Describe how each of the contingent liabilities in the selected December transactions would be treated in Jameson's financial statements for 2022. Requirement 2. Describe how each of the contingent liabilities in the selected December transactions would be treated in Jameson's financial statements for 2022. (Select four answers.) A. Dec 27 transaction will be reported as a liability on the balance sheet and a loss on the income statement. Transaction will also be footnoted. B. Dec 5 transaction will be footnoted as a contingent liability. C. Dec 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements. D. Dec 22 transaction will not be footnoted because it is unlikely to be a loss. E. Dec 5 transaction will be reported as a liability on the balance sheet and an expense on the income statement Trancaction will alen ha fontnnted statement. Transaction will not be footnoted since it is recorded on the financial statements. D. Dec 22 transaction will not be footnoted because it is unlikely to be a loss. E. Dec 5 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted. F. Dec 31 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will also be footnoted. G. Dec 22 transaction will be footnoted as a contingent liability. H. Dec 27 transaction will be reported as a liability on the balance sheet and an expense on the income statement. Transaction will not be footnoted since it is recorded on the financial statements