Exercise 11-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company, 1. Employees eam vacation pay at a rate of one day per month. Maxum estimated and must expense $8.400 of accrued vacation benefits for the year 2. During December. Maxum Company sold 3,500 units of a product that carries a 60-day warranty, December sales for this product total $122,000. The company expects 9% of the units to need warranty repairs, and it estimates the average repait cost per unit will be $18 Prepare adjusting entries at December 31 for Maxum Company's year-end financial statements for each of the above separate transactions View transaction list Journal entry worksheet