Exercise 8-13A Determine proper treatment of a contingent liability (L08-5) Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.17 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.97 to $117 million 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $117 million 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $117 million Record the necessary entry for the scenarios given above (If no entry is required for a particular 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.) View transaction list Journal entry worksheet