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Nicolas Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31,2024 1. Accounts recelvable were $27 million (all credit) at the end of 2024 . Although no specific customer accounts have been shown to be uncollectible, the company estimates that 1% of accounts receivable will eventually prove uncollectible. 2. Nicolas Electronics is the plaintiff in a $3 million lawsuit filed against a supplier. The suit is in final appeal, and attorneys advise it is virtually certain that Nicolas Electronics will win and be awarded $1.5 million. 3. In November 2024. Nicolas Electronics became aware of a design flaw in one of its digital camera models. A product recall appears probable and would likely cost the company $400,000. 4. Nicolas Electronics is the defendant in a patent infringement lawsuit brought by a competitor. It appears reasonably likely Nicolas Electronics will lose the case, and potential losses are estimated to be in the range of $0.5 to $1.5million. Required: Determine the appropriate way Nicolas Electronics would report the contingencies. Record any amounts as a result of each of these contingencies if required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) Journal entry worksheet Accounts receivable were $27.0 million (all credit) at the end of 2024 . Although no specific customer accounts have been shown to be uncollectible, the company estimates that 1% of accounts receivable will eventually prove uncollectible. Record the adjusting entry. Journal entry worksheet Nicolas Electronics is the plaintiff in a $3.0 millik lawsuit filed against a supplier. The suit is in final appeal, and attorneys advise it is virtually certain that Nicolas Electronics will win and be awarded $1.5 million. Record any required entry for this contingency. Note: Enter debits before credits. Journal entry worksheet In November 2024, Nicolas Electronics became aware of a design flaw in one of its digital camera models. A product recall appears probable and would likely cost the company $400,000. Record any required entry for this contingency. Note: Enter debits before credits. Journal entry worksheet Nicolas Electronics is the defendant in a patent infringement lawsuit brought by a competitor. It appears reasonably likely Nicolas Electronics will lose the case, and potential losses are estimated to be in the range of $0.5 to $1.5 million. Record any required entry for this contingency. Note: Enter debits before credits