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P11-28A Journalizing liability transactions The following transactions of Jasmine Reef occurred during 2018: Apr. 30...

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P11-28A Journalizing liability transactions The following transactions of Jasmine Reef occurred during 2018: Apr. 30 Reef is party to a patent infringement lawsuit of $190,000. Reet's attorney is certain it is remote that Reef will lose this lawsuit. Jun. 30 Estimated warranty expense at 2% of sales of $350,000. Jul. 28 Warranty claims paid in the amount of $5,500. Sep. 30 Reef is party to a lawsuit for copyright violation of $80,000. Reet's attorney advises that it is probable Reef will lose this lawsuit. The attorney estimates the loss at $80,000. Dec. 31 Reef estimated warranty expense on sales for the second half of the year of $510,000 at 2%. Requirements 1. Journalize required transactions, if any, in Reef's general journal. Explanations are not required 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $O

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