Question 8 0/0.41 pts A company has a lawsuit pending with regard to patent infringement. The amount of the loss can be estimated and has a probable chance of occurrence. What journal entry is required? debit Estimated Lawsuit Loss and credit Estimated Lawsuit Liability debit Lawsuit Loss and credit Cash debit Estimated Lawsuit Loss and credit Cash debit Cash and credit Estimated Lawsuit Liability Question 7 0/0.41 pts Unearned Service Revenue relating to services, to be provided in one month, is reported on the balance sheet as: a component of stockholders' equity. a revenue account. a current liability. a long-term liability. Question 4 0/0.41 pts A contingent liability should be reported on the balance sheet if: Contingent liabilities will never be reported on the balance sheet. it is the result of a lawsuit that is not yet settled. it is probable that the loss will occur and the amount can be reasonably estimated. it is less than possible but more than remote that a loss will occur