Question: SLC Electronics is the plaintiff in a class action lawsuit. Their attorney has written a letter that it is now extremely likely that SLC will

SLC Electronics is the plaintiff in a class action lawsuit. Their attorney has written a letter that it is now extremely likely that SLC will lose the lawsuit and be forced to pay $3,000,000 in damages.

Required:
Prepare the necessary journal entry. If no entry is required state ‘‘none.’’ Any recognition will be to other expense and lawsuit payable.

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