The following transactions of Brooks Garrett occurred during 2014:

P11-28A Journalizing liability transactionsThe following transactions of Brooks Garrett occurred during 2014:Apr. 30 Garrett is party to a patent infringement lawsuit of $200,000. Garrett’sattorney is certain it is remote that Garrett will lose this lawsuit.Jun. 30 Estimated warranty expense at 2% of sales of $400,000.Jul. 28 Warranty claims paid in the amount of $6,000.Sep. 30 Garrett is party to a lawsuit for copyright violation of $100,000. Garrett’sattorney advises that it is probable Garrett will lose this lawsuit. Theattorney estimates the loss at $100,000.Dec. 31 Garrett estimates warranty expense on sales for the second half of theyear of $500,000 at 2%.Requirements1. Journalize required transactions, if any, in Garrett’s general journal.Explanations are not required.2. What is the balance in Estimated Warranty Payable?Date2014Apr. 30Jun. 30Jul. 28Sep. 30Dec. 31Accounts and ExplanationDebitCreditAvailable accounts for journal entries:one transaction does not require a journal entryNo entry requiredWarranty ExpenseEstimated Warranty PayableEstimated Warranty PayableCashLoss from LawsuitEstimated Lawsuit PayableWarranty ExpenseEstimated Warranty PayableEstimated Warranty PayableJul. 28Jun. 30Dec. 31End Bal.

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