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Scorcese Inc. is involved in a lawsuit at December 31, 2014. Prepare the December 31 entry assuming it is probable that Scoreese will be liable

Scorcese Inc. is involved in a lawsuit at December 31, 2014.

Prepare the December 31 entry assuming it is probable that Scoreese will be liable for $965,600 as a result of this suit.

Prepare the December 31 entry, if any, assuming it is not probable that Scoreese will be liable for any payment as a result of this suit.

Date Account Titles and Explanation Debit Credit December 31, 2014

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