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 $ million.
The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $ to $ million.
The likelihood of a payment occurring is reasonably possible, and the estimated amount is $ million.
The likelihood of a payment occurring is remote, while the estimated potential amount is $ million.
Record the necessary entry for the scenarios given above. If no entry is required for a particular transactionevent select No
Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. For example, $ million should be
entered as
Journal entry worksheet
Record the contingent liability, if necessary, if the likelihood of a payment
occurring is probable, and the estimated amount is $ million.
Note: Enter debits before credits.
