Problem 13-11 Concord Corporation, in preparation of its December 31, 2017, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. As a result of uninsured accidents during the year, personal injury suits for S349,900 and 0,500 have been filed against the company. It is the judgment of Concord's legal osel that an unfavorable outcome is unlikely in the $60,500 case but that an unfavorable verdict approximating $242,400 will probably result in the $349,900 case. 2. Concord owns a subsidiary in a foreign country that hasbook value of $5,307,000 and an estimated fair value of $10,403,200 The foreign government has communicated to Concord its intention to expropriate the assets and business of all foreign investors. On the basis of settlements other firms have received from this same country, Concord expects to receive 30% of the fair value of its propertiess final settlement 3. Concord's chemical product division consisting of five plants is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. The year 2017 is considered one of the safest (luckiest) in the because no loss due to injury or casualty was suffered. Having suffered an average of three casualties a year during the rest of the past decade (ranging from $60,500 to $691,100), management is certain r the company will probably not be so that next yea fortunate. (a) Prepare the journal entries that should be ecorded as of December 31, 2017, to recognize each of the situations above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1 . December 31 , 2017 2. December 31, 2017 3. December 31, 2017