The Commonwealth of Virginia filed sult in October 2022 against Northem Timber Corporation, seeking civil penaities and injunctive rellef for violations of environmental laws regulating forest conservation. When the financial statements were issued in 2023 , Northem had not teached a settlement with state authontties, but legal counsel advised Northem Timber that it was probable the uitimate settiement would be $1,300,000 in penaltes. The following entry was recorded: Late in 2024, a sertlement was reached with state authorities to pay a total of $840.000 to cover the cost of violations. Requlred: 1. Prepare any joumal entry(s) related to the change, 2. Is Northem required to revise prior years' financial statements as a result of the change? 3. Is Northem required to provide a disciosure note to report the change? Complete this question by entering your answers in the tabs below. Prepare any journal entry(s) related to the change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the revision of the liability on the basis of the new estimate. Note: Enter debits before creditz. The Commonwealth of Virginia filed sult in October 2022 against Northem Timber Corporation, seeking civil penaities and injunctive rellef for violations of environmental laws regulating forest conservation. When the financial statements were issued in 2023 , Northem had not teached a settlement with state authontties, but legal counsel advised Northem Timber that it was probable the uitimate settiement would be $1,300,000 in penaltes. The following entry was recorded: Late in 2024, a sertlement was reached with state authorities to pay a total of $840.000 to cover the cost of violations. Requlred: 1. Prepare any joumal entry(s) related to the change, 2. Is Northem required to revise prior years' financial statements as a result of the change? 3. Is Northem required to provide a disciosure note to report the change? Complete this question by entering your answers in the tabs below. Prepare any journal entry(s) related to the change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the revision of the liability on the basis of the new estimate. Note: Enter debits before creditz