Exercise 11-15 (Algo) Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $7.280 of accrued vacation benefits for the year 2. During December. Maxum Company sold 4,100 units of a product that carries a 60 -day warranty. December sales for this product total $138,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair 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. Journal entry worksheet Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $7,280 of accrued vacation benefits for the year. Record the related adjusting entry