The following selected circumstances relate to pending lawsults for Erismus, inc. Erismus's fiscal year ends on December 31 . Financial statements are issued in March 2022. Erismus prepares its financial statements according to U.S. GAAP. Required: ndicate the amount Erismus would record as an asset, a liability or if no accrual would be necessary in the following circumstances. 1. Erismus is defending against a lawsult. Erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,190,000. 2. Erismus is defending against a lawsuit. Erismus's management believes it is probable that the company will lose in court if it loses, management believes that damages could fall anywhere in the range of $2,140,000 to $4,280,000, with any damage in that range equally likely. 3. Erismus is defending against a lawsuit. Erismus's management belleves it is probable that the company will lose in court. If it loses, management believes that damages will eventually be $5,780,000, with a present value of $4,046,000. 4. Erismus is a plaintiff in a lawsuit. Erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,190,000. 5. Erismus is a plaintiff in a lawsuit. Erismus's management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $630,000