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1. During the year 2019, the Munro Cerporation was named as a defendant in a sunt for damages by the Disco Company for breach of contract An adverse docision to the Munro Comperation rendered and the Dicco Company was awarded $1,750,000 damages. At the time of the audit, the case was under appeal to a higher court. (Assume that the ikelihood of Munro having to pay rendered and the Divco Company has awarde.) A. The lawut shorid be described in a footnote to the balance sheet along weh an adjustrnent to the financial statament accounts. 13. The lawwit should be described in a footnose to the balance sheet C. No diccioture or adjustmem is necessary Now tecord any adjusting entry required by each situation as of December 31,2019 . (Record debits first, then credits. Exclude explanations from any joumal entries. Se first line of the Accounts column if an adjusting entry is not needed and leave all other input fieids blank.) Begin by recording any adjusting entry required by situation 1. No entry 3. No discle the contingent liability. The C. Ajournal bonds. continge 31, 2019. (Record debits first e all other input fields blank.) 1. During the year 2019, the Munro Cerporation was named as a defendant in a sunt for damages by the Disco Company for breach of contract An adverse docision to the Munro Comperation rendered and the Dicco Company was awarded $1,750,000 damages. At the time of the audit, the case was under appeal to a higher court. (Assume that the ikelihood of Munro having to pay rendered and the Divco Company has awarde.) A. The lawut shorid be described in a footnote to the balance sheet along weh an adjustrnent to the financial statament accounts. 13. The lawwit should be described in a footnose to the balance sheet C. No diccioture or adjustmem is necessary Now tecord any adjusting entry required by each situation as of December 31,2019 . (Record debits first, then credits. Exclude explanations from any joumal entries. Se first line of the Accounts column if an adjusting entry is not needed and leave all other input fieids blank.) Begin by recording any adjusting entry required by situation 1. No entry 3. No discle the contingent liability. The C. Ajournal bonds. continge 31, 2019. (Record debits first e all other input fields blank.)