y side Monty Alexander is being sued by a former employee for $150,000. The lawyer believes that the chance of loss is remote. The accounting treatment for the loss is that ENTS nothing should be recorded a footnote disclosure should be made to describe the chance of loss as remote both a footnote and an accrual is required to record the estimated liability of $150,000 $150,000 should be accrued by debiting Loss on Lawsuit and crediting Estimated Liability from Lawsuit Read the related chapter ? View available hints