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 $1.24 million 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.04 to $1.24 million 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.24 million 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.24 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, $5.5 million should be entered as 5,500,000.) Answer is complete but not entirely correct. No General Journal Credit Transaction 1 Debit 124.000 Loss Contingent Liability 1,240 B 2 1,030,000 Loss Contingent Liability S 1,030,000 3 No Journal Entry Required . D 4 No Journal Entry Required