Pacific 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 $1.21 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.01 to $1.21 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.21 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.21 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)

Journal Entry Worksheet

Record the contingent liability if needed.

Record the contingent liability if needed.

Record the contingent liability if needed.

Record the contingent liability if needed.

Transaction

General Journal

Debit

Credit

1

*Enter debits before credits