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Required: 1. Prepare the journal entry North Face will record when it signs the note and recentes 2. Prepare the journal entry that North Face will record when it pays off the note and any accrued inter- est after nine months. E9-9 LO9-4 Reporting Contingent Liabilities Soda is a regional soda manufacturer in the Pacific Northwest. Jones is currently facing three 1 suits, summarized below: A customer is suing Jones for $1 million because he claims to have found a piece of glass in his soda. Management deems the probability that Jones will lose the lawsuit and have to pay Si million as rea- sonably possible. An employee is suing Jones for $500,000 for an injury she incurred in the parking lot while walking to work. Management deems the probability that Jones will lose the lawsuit as probable, but estimates that a reasonable payout will be $100,000, not $500,000. A customer is suing Jones for $300,000 because her last name is Jones and she claims Jones stole her name. Management deems the probability that Jones will lose the lawsuit and have to pay $300,000 as remote. CHAPTER 9 Recadores E9-10 LO9-5 Required: How should Jones report each of the lawsuits in its financial statements and footnotes? Using Working Capital Super Savers Denart na sheet revealed the following information