TB EX Qu. 8-170 Panama Shirt Designs is a defendant... Panama Shirt Designs is a defendant in litigation involving an employee accident in its manufacturing plant, Record the appropriate journal entry for each of the following scenarios. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1. The likelihood of a loss occurring is probable and the estimated loss is $550,000 2. The likelihood of a loss occurring is probable and the loss is estimated to be in the range of $500,000 to $750,000 3. The likelihood of a loss occurring is reasonably possible and the estimated loss is $550,000 4. The likelihood of a loss occurring is remote, while the estimated potential loss is $550,000, View transaction ist Journal entry worksheet