(Answered) Scorcese inc is involved in a lawsuit at december 31

Accounting

Scorcese Inc. is involved in a lawsuit at December 31, 2010.

(a) Prepare the December 31 entry assuming it is probable that Scorcese will be liable for $900,000 as a result of this suit.

(b) Prepare the December 31 entry, if any, assuming it is not probable that Scorcese will be liable for any payment as a result of this suit.

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