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Mississippi Cruise Lines is a defendant in litigation involving a swimming accident on one of...

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Accounting

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Mississippi Cruise Lines is a defendant in litigation involving a swimming accident on one of its three crulse ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1,10 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0,90 to $1.10 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.10 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.10 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 shouid be entered as 5,500,000.) Journal entry worksheet Record the contingent liability, if necessary, if the likelihood of a payment occurring is probable, and the estimated amount is $1.10 million. Note: Enter debits before credits

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