P11-28A Journalizing liability transactions The following transactions of Jasmine Reef occurred during 2018 Learning Objectives 3, 4 1. June 30 Warranty Expense $7,000 Reef is party to a patent infringement lawsuit of $190,000. Re attorney is certain it is remote that Reef will lose this lawsuit Estimated warranty expense at 2% of sales of $350,000. Apr. 30 Jun. 30 Warranty claims paid in the amount of $5,500. Jul. 28 Reef is party to a lawsuit for copyright violation of $80,000. Reef's attorney advises that it is probable Reef will lose this lawsuit. The attorney estimates the loss at $80,000 Sep. 30 on sales for the second half of the yea Reef estimated warranty expense of $510,000 at 2 %. Dec. 31 Requirements 1. Journalize required transactions, if any, in Reef's general journal. Explanations ate required. 2. What is the balance in Estimated Warranty Payable assuming a beginning balasce not of $0