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 $5 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $4 to $6 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $5 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $5 million. Record the necessary entry for the scenarios given above.

Journal entry worksheet Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet