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

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Accounting

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 $1.25 million.
The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.05 to $1.25 million.
The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.25 million.
The likelihood of a payment occurring is remote, while the estimated potential amount is $1.25 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, $5.5 million should be entered as 5,500,000.)

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