The following selected transactions relate to contingencies of Medina Co$.$ Medina's fiscal year ends on December $31,2024,$ and financial statements are published in March $2025.$

$1$ Medina Co$.$ is involved in a lawsuit resulting from a dispute with a customer over a $2024$ transaction. At December $31,$ attorneys advised that it was probable that Medina would lose $$3$ million in an unfavorable outcome. On February $12,2025,$ judgment was rendered against Medina in the amount of $$14$ million plus interest, a total of $$15\mathrm{.}2$ million. Medina does not plan to appeal the judgment.

$2$ Since August of $2024,$ Medina has been involved in labor disputes at two of its facilities. Negotiations between the company and the unions have not produced a settlement and, since January $2024,$ strikes have been ongoing at these facilities. It is virtually certain that material costs will be incurred but the amount of resultant costs cannot be adequately predicted.

$3$ Medina is the defendant in a lawsuit filed in January $2025$ in which Able Company seeks $$10$ million as an adjustment to the purchase price related to the sale of Medina$$s Western Division in $2024.$ The lawsuit alleges that Medina misrepresented the division's assets and liabilities. Legal counsel advises that it is reasonably possible that Medina could lose $$5$ million, but that it's extremely unlikely it could lose the $$10$ million asked for.

Required!!!!!!

For each of the above contingencies, prepare the journal entry that should be recorded. If no journal entry is required, briefly explain why.!!!!