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Dinoco Petroleum faces three potential contingency situations, described below. Dinoco's fiscal year ends December 3 th, 2021 , and it issues its 2021 financial statements on March 15, 2022. 1. In the initial triat, Dinoco lost a $112 million lawsuit resulting from a dispute with a suppliec. The case is under appeat. Aithough Dinoco is unable to predict the outcome, it does not expect the case to have a material adverse effect on the company. Assume that the loss is probable. 2. In November 2020, the state of Texas filed sult against Dinoco, seeking civil penalties and infunctive relief for violations of environmental laws regulating hazardous waste. On January 12, 2022, Dinoco reached a settiement with state authorities. Based upon discussions with legal counsel, it is proboble that Dinoco will require $132 million to cover the cost of violations. 3. Dinoco is the plaintiff in a $120 million lawsuit filed against a customer for damages due to lost prolits from rejected contracts and for unpaid receivables. The case is in final appeal, and legal counsel advises that it is probable Dinoco will prevall and be awarded $60 million. Required: Determine the appropriate means of reporting each situation for the year ended December 31,2024 , and record any necessary entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid. Enter your answers in doltars, not millions. For example, 55.5 million should be entered as 5,500,000.1

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