Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi Cruise Lines is a defendant in litigation involving a swimming aceident on one of its three criuse ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1:21 million. 2. The likelihood of a payment occurting is probable, and the amount is estimoted to be in the range of $1.1 to $1.21 million. 3. The likeihood of a payment occurting is reasonably possible and the estimated amount s $121 milion. 4. The likelihood of a payment occurring is remote, while the est tated potental amount is $121 milion. Record the necessary entry for the scenarios given above (If no entry is required for o particular transaction/event, select "No Journal Entry Required" in the first occount field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered os 5,500,000.)