The Dune Chemical Company provides chemical, plastic, and agricultural products and services to various consumer markets. The following excerpt is taken from the disclosure notes of Dune's 2015 annual report In total, the Company's accrued liability for probable environmental remediation and restoration costs was $741 million at December 31, 2015, compared with $773 million at the end of 2014. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Required: Does the excerpt describe a loss contingency? Under what conditions would Dune accrue such a contingency? What journal entry would Dune use to record this amount of provision (loss)? Complete this question by entering your answers in the tabs below. Disclosure General Journal Does the excerpt describe a loss contingency? Under what conditions would Dune accrue such a contingency? Loss contingency Conditions Journal entry worksheet 1 > Record this amount of provision (loss). Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal