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 $116 million 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.96 to $116 million 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $116 million 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $116 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).) View transaction list Journal entry worksheet 1 N 3 4 Record the contingent liability if needed. Notes Enter debits before credit General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal 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 $116 million 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.96 to $116 million 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $116 million 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $116 milion 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 (ie. 5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet