The following selected circumstances relate to pending lawsuits for Erismus, Incorporated Erismus's fiscal year ends on December 31. Financial statements are issued in March 2025. Erismus prepares its financial statements according to U.S. GAAP. Required: Indicate the amount Erismus would record as an asset, a liability or if no accrual would be necessary in the following circumstances. 1. Erismus is defending against a lawsuit. Erismus's management belleves the compary has a silightly worse than 50/50 chance of eventually prevaling in court, and that if it loses, the judgment will be $1,710,000. 2. Erismus is defending against a tawsult. Erismus's management belleves it is probable that the company will lose in court. If it loses, management believes that damages could fall anywhere in the range of $2,660,000 to $5,320,000, with any damage in that range equally likely. 3. Erismus is defending against a lawsuit. Erismus's management believes it is probable that the company will lose in court. If it loses, management believes that damages will eventually be $5,090,000, with a present value of $3,563,000. 4. Erismus is a plaintiff in a lawsuit. Erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevalls, the judgment will be $1,710,000. 5. Erismus is a plaintiff in a lawsuit. Erismus's management believes it is virtually certain that the company eventually will prevali in court, and that if it prevalis, the judgment will be $672,000