Problem 8-7A (Static) Record contingencies (LO8-5) The ink-jet printing division of Environmental Printing has grown tremendously in recent years. Assume the following transactions related to the ink-jet division occur during the year ended December 31, 2024 1. Environmental Printing is being sued for $11 million by Addamax Plaintiff alleges that the defendants formed an unlawful joint venture and drove it out of business. The case is expected to go to trial later this year. The likelihood of payment is reasonably possible 2. Environmental Printing is the plaintiff in a $9 milion lawsuit filed against a competitor in the high-end color:printer market. Environmental Printing expects to win the case and be awarded between $6.5 and $9 million 3. Environmental Printing recently became aware of a design flaw in one of its inkjet printers. A product recall appears probable Such an action would likely cost the company between $500,000 and $900,000. Required: Determine the appropriate way Environmental Printing would report the contingencles. Record any amounts as a result of each of these contingencies if required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) No Journal Entry Required Accounts Payable Accounts Receivable Advertising Expense Di Allowance for Uncollectible Accounts Bad Debt Expense t Cash 5. Common Stock Contingent Liability bi Cost of Goods Sold Deferred Revenue Delivery Expense FICA Tax Payable Fringe Benefits Payable Gain Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue a Inventory e ar Loss Notes Payable Notes Receivable Pavroll Tax Exnense Property Tax Expense Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries Expense Salaries Payable Sales Revenue Sales Tax Payable Service Fee Expense Service Revenue the appropriate way Environmental Printing would report the tingencies if required. (If no entry is required for a transaction teld. Enter your answers in dollars, not in millions. For examp ansaction list urnal entry worksheet 1 Supplies Expense Unemployment Tax Payable Environmen alleges that of business payment is max. Plaint e and drove ar. The likelih Utilities Expense Utilities Payable ote: Enter deb Warranty Expense Transaction Dobit Wasanta 1 Record entry Clear entry View