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Chapter 8 Homework i 2 25 points eBook Hint Ask Print References Great Lakes 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 $1.11 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.91 to $1.11 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.11 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.11 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.) View transaction list View journal entry worksheet i i No 1 2 3 4 Transaction 1 2 3 4 Loss Contingent Liability Loss Contingent Liability No Journal Entry Required Saved No Journal Entry Required General Journal Debit 1,110,000 Credit 1,110,000 SHYAD Help Save & E Che

Great Lakes Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships: Requited: t. The lkelinood of a poyment occurring is probable, and the estimated amount is $1.t1mili ion. 2. The likelihood of o payment occurting is probable, and the amount is estimated to be in the range of 5091 to $111milli 3. The likelibood of a payment occurring is reasoriably possiblo, and the estimated amount is 51.11 inilion. 4. The likeitiogd of a piryment occurring is romote, while the estimated potential amount is 51.11 milion. Reccord the necessery entry for the scenarios given above. (ff no entry is required for a particular transactionvevent, select "No Journal Entry Required" in the first account field, Enter your answers in dollars, not in millions. For example, $5.5mililion shoulc be entered as 5,500,000 ) Great Lakes Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships: Requited: t. The lkelinood of a poyment occurring is probable, and the estimated amount is $1.t1mili ion. 2. The likelihood of o payment occurting is probable, and the amount is estimated to be in the range of 5091 to $111milli 3. The likelibood of a payment occurring is reasoriably possiblo, and the estimated amount is 51.11 inilion. 4. The likeitiogd of a piryment occurring is romote, while the estimated potential amount is 51.11 milion. Reccord the necessery entry for the scenarios given above. (ff no entry is required for a particular transactionvevent, select "No Journal Entry Required" in the first account field, Enter your answers in dollars, not in millions. For example, $5.5mililion shoulc be entered as 5,500,000 )

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