At the end of 2025, the following information is available for Great Adventures. Additional interest for five months needs to be accrued on the $36,000, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. . Assume that $12,000 of the $36,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. . By the end of the year, $22,000 in gift cards have been redeemed. The company had sold gift cards of $23,200 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,000. . For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,000. Required: 1. Record each of the transactions above on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 Assume that $12,000 of the $36,000 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. 3 Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal Required: 1. Record each of the transactions above on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 3 By the end of the year, $22,000 in gift cards have been redeemed. The company had sold gift cards of $23,200 during the year and recorded those as Deferred Revenue. Record the adjusting entry. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit ca Credit View general journal Required: 1. Record each of the transactions above on December 31, 2025. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,000. Record the adjusting entry. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry < Prev Debit Credit View general Journal (5) 12 of 2 Next > 2 Part 2 of 2 25 points eBook Print References For sales of MU watches, Great Adventures ofers a warranty against delect for one year. At the end of the year, the company estimates future warranty costs to be $5,000. 2. If the likelihood of payment for the litigation is determined to be reasonably possible, what should Great Adventures record for this possible payment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the possible payment for a litigation whose likelihood of payment is determined to be reasonably possible. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal