P-F:11-28A Journalizing liability transactions (Learning Objectives 3, 4) The following transactions of Jasmine Reef occurred during 2024: Apr. 30 Reef is party to a patent infringement lawsuit of $190,000. Reef's attorney is certain it is remote that Reef will lose this lawsuit. Estimated warranty expense at 2% of sales of $350,000 Warranty claims paid in the amount of $5,500. 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. Reef estimated warranty expense on sales for the second half of the year of $510,000 at 2%. Requirements 1. Journalize required transactions, if any, in Reef's general journal. Explanations are not required. 2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0