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

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Accounting

Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.
Required:
The likelihood of a payment occurring is probable, and the estimated amount is $1.3 million.
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.
The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.3 million.
The likelihood of a payment occurring is remote, while the estimated potential amount is $1.3 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 answer in dollars, not millions. For example, $5.5 million should 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 $1.3 million.
Note: Enter debits before credits.
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