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Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi Cruise Lines is a defendant in litigation involving a swimming accident on one
Exercise 8-14 (Algo) Determine proper treatment of a contingent liability (LO8-5) Mississippi 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 \\( \\$ 1.19 \\) million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of \\( \\$ 0.99 \\) to \\( \\$ 1.19 \\) million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is \\( \\$ 1.19 \\) million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is \\( \\$ 1.19 \\) 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, \\( \\mathbf{5 5 . 5} \\) million should be entered as 5,500,000.) Journal entry worksheet 4 Record the contingent liabiaty, if necessary, if the likelihood of a payment occurring is probabie, and the estimated amount is \\( \\$ 1,19 \\) milion. Notei Enter debets before oredas. Journal Entry Required\" in the first account field. Enter your answers in dollars, not in millions. For exa 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 \\( \\$ 0.99 \\) to \\( \\$ 1.19 \\) million. Note: Enter debits before credits: should be entered as \\( 5,500,000 \\). Journal entry worksheet Record the contingent liability, if necessary, if the likelihood of a payment occurring is reasonably possible, and the estimated amount is \\( \\$ 1.19 \\) million. Note: Enter debits before credits. should be entered as \\( 5,500,000 \\).) Journal entry worksheet Record the contingent liability, if necessary, if the likelihood of a payment occurring is remote, while the estimated potential amount is \\( \\$ 1.19 \\) million. Note: Enter debits before credits
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