hapter 8 Homework Srved 3 Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. 15 Required: 1 The likelihood of a payment occurring is probable, and the estimated amount is $1.25 million 2. The likelihood of payment occurring is probable, and the amount is estimated to be in the range of $1.05 to $125 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.25 million 4. The likelihood of a payment occurring in remote, while the estimated potential amount is $125 million Sipood BOOK Record the necessary entry for the scenarios given above. (if no entry is required for a particular transaction/event, celect "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.) Print Reference View transaction list Journal entry worksheet Type heart nts Journal entry worksheet Skipped >