(Solved): Mississippi Cruise Lines is a defendant in litigation involving a swimming accident on one of its ...

Mississippi 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 \( \$ 1.24 \) million. 2. 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. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is \( \$ 1.24 \) million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is \( \$ 1.24 \) 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 \( 5,500,000 .) \) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows \( \$ 19.3 \) million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, \( 9 \% \) promissory note. Interest is payable at maturity. FirstBanc Corporation's year-end is December \( 31 . \) Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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 millions (i.e. \( 5.5 \) million should be entered as \( 5,500,000) .) \) and 1 Record the acceptance of the note. 2 Record the adjusting entry for interest. 3 Record the receipt of cash by FirstBanc Corporation at maturity. Note : = journal entry has been entered