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Swifty Corp. was recently sued by a competitor for patent infringement. Lawyers have determined that it is probable (and very likely) that Swifty will lose

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Swifty Corp. was recently sued by a competitor for patent infringement. Lawyers have determined that it is probable (and very likely) that Swifty will lose the case, and that Swifty will have to pay between $ 120,000 and $ 340,000 in damages. Swifty follows IFRS. What entry, if any, should Swifty record in respect of this lawsuit? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit What entry, if any, should Swifty record in respect of this lawsuit assuming that Swifty follows ASPE? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

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