Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. a. The likelihood of a payment occurring is probable, and the estimated amount is $1.24 million.
b. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.04 to $1.24 million.
c. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.24 million.
d. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.24 million.

Required:
Record the necessary entry for the scenarios given above.