Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi Cruise Lines is a defendant in titgation itwolving 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 $124 milion. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be it the fonge of $1.04 to $124 malion 3. The likelihood of a payment occuming is reasonably possible, and the estimated amount is $1.24 milion 4. The likelinood of a payment occurting is remote. while the estimated potential amount is $124 mition. 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. Journal entry worksheet Record the contingent liability, if necessary, if the likelihood of a payment occumng is probable, and the estimated amount is $1.24 million. Nute Enter debls beforf aredits. Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi Cruise Lines is a defendant in itigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelhood of a payment occurring is probable. and the estimated amount is $1.24 million 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $104 to $124 milion 3. The likelihood of a payment occumng is reasonably possible, and the estimated amount is $1.24 million 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $124 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.) Journal entry worksheet Record the contingent liability, if necessary, if the likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.04 to $1.24 million. pioter lister debita belore credits. Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi Cruise Lines is a defendant in itigation involving a swimming accident on orie of its three cruise ships Required: 1. The likelihood of a payment occurring is probable, and the estimated emount is $1.24 milion 2 The likelihood of a payment occurning is probable, and the amount is estimated to be in the range of $104 fo $124 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $124 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $124 million Record the necessary entry for the scenarios given above. (If no entry is required for a particular transaction/event, select "No Journol Entry Required in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.1 Journal entry worksheet Record the contingent liability, if necessary, if the likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.24 million. Nete: Enter debits before credits. Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi Cruise Lines is a defendant in atigation mvolving a swimming accident on one of its three cruise stilps: Required: 1. The likelihood of a payment occuring is probable, and the estimated amount is $1.24 million. 2 The likelihood of a payment occuring is probable, and the amount is estimated to be in the range of $104 to $124 million 3. The likelihood of a payment occuring is reasonably possible, and the estimated amount is $12A mision. 4. The likelihood of a payment occuming is remote, while the estimated potental amount is $1.24 milition Rocord the necessary entry for the scenarios given above (If no entry is required for a particular transaction/event, select "No Joumal 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
