Suppose a company is a defendant in litigation involving an accident.

Required:

The likelihood of a payment occurring is probable, and the estimated amount is $$1\mathrm{.}25$ million.

The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $$1\mathrm{.}05$ to $$1\mathrm{.}25$ million.

The likelihood of a payment occurring is reasonably possible, and the estimated amount is $$1\mathrm{.}25$ million.

The likelihood of a payment occurring is remote, while the estimated potential amount is $$1\mathrm{.}25$ 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\mathrm{.}5$ million should be entered as $5,500,000.)$