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Journalize the transactions. Explanations are not required. Round to the nearest dollar E11-23 Accounting treatment...

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Journalize the transactions. Explanations are not required. Round to the nearest dollar E11-23 Accounting treatment for contingencies Learning objective 4 Analyze the following independent situations. a. Weaver Company is being sued by a former employee. Weaver believes that there is a remote chance that the employee will win. The employee is suing Weaver for damages of $40,000 b. Gulf Oil Refinery had a gas explosion on one of its oil rigs. Gulf believes it is likely that it will have to pay environmental clean-up costs and damages in the fature due to the gas explosion. Gulf cannot estimate the amount of the damages c. Lawson Enterprises estimates that it will have to pay $75,000 in warranty repairs next year Determine how each contingency should be treated

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