Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its...
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 $1.19 million.
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.99 to $1.19 million.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.19 million.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.19 million.
Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)
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