Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Great Lakes 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 $1.26 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.06 to $1.26 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.26million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.26 million. Record the necessary entry for the scenarios given above. (If no entry is required for a particular transaction/event, select " A Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million st 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 estimated amount is $1.26 million. Note: Enter debits before credits. 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 $1.06 to $1.26 million. Note: Enter debits before credits. Record the contingent liability, if necessary, if the likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.26 million. Note: Enter debits before credits. Record the contingent liability, if necessary, if the likelihood of a payment occurring is remote, while the estimated potential amount is $1.26 million. Note: Enter debits before credits