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Exercise 13-26 (Algo) Contingency; company disclosure [LO13-5, 13-6] AgriBiz Inc. provides chemical plastic, and agricultural products and services to varlous consumer markets. The following excerpt is taken from the disclosure notes of AgriBiz's 2017 annual report At December 31, 2017, the Company had accrued obligations of $1,324 million for probable environmental remediation and restoration costs, including $232 million for the remediation of Superfund sites. These obligations are included in "Accrued and other current liabilities and "Other noncurrent obligations in the consolidated balance sheets. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two times that amount. loss contingencsaich a contingency vision loss? Required: 1. Does the excerpt describe a loss contingency? 2 Under what conditions would AgriBiz accrue such a contingency? 3. What journal entry would AgriBiz use to record this amount of provision (loss)? Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3 1. Does the excerpt describe a loss contingency? 2. Under what conditions would AgriBiz accrue such a contingency? 1. 2. Loss contingency Conditions Req 1 and 2 Req3 > Req 1 and 2 Reg 3 What journal entry would AgriBiz use to record this amount of provision (loss)? (Enter your answers in millions. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record this amount of provision loss). Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal