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

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Accounting

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Pacific 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 $116 million 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.96 to $116 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $116 million 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.16 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 Journal entry worksheet

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