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Please fill out balance sheet, income statement, and disclosure notes for requirements 1-4. Pacific Cruise Lines is a defendant in litigation involving a swimming accident
Please fill out balance sheet, income statement, and disclosure notes for requirements 1-4.
Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. For each of the following scenarios, determine the appropriate way to report the situation. Determine any financial statement effects that may occur. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.3 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.1 to $1.6 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.3 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.3 million. ete this question by entering your answers in the tabs below. ihood of a payment occurring is probable, and the estimated amount is $1.3 million. nounts to be deducted should be indicated by a minus sign. Enter your answers in millions (i.e., $5,500,000 should be entered as $5.5 ). Also, Indicate isure note is requiredStep by Step Solution
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