Question $4(12$ Marks$).$ Parts A$,$ B and C below are independent of each other.

Part A$.(4$ Marks$).$ Ace Appliances Inc. offers a $12-$month warranty on all its appliances. Ace Appliances estimates that one appliance out of each $1000$ sold will require warranty service and that the average cost per warranty claim is $$200.$ Ace sold $40,000$ appliances during $2023.$The estimated warranty liability at the beginning of the year was $ $4,500.$ Claims of $$7,000$ were actually paid during the year to honour warranties. Ace Appliances has a December $31$ year$-$end.

Required:

$1.$ Calculate the estimated warranty expense for Ace Appliances for $2023.(2$ marks$)($Need not show calculations$)$

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$2.$ Calculate the balance of the Estimated Warranty Liability account at December $31,2023.(2$ marks$)($Need not show calculations$)$

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Part B$.(4$Marks$).$ For the month of November $2023,$ Ace Appliances recorded

$ $240,000$ in sales, which were all on account. The company is required to charge $6\%$ PST and $5\%$ GST on all sales.

Required:

Prepare the journal entry to record the company$$s sales activity for November $2023.$

Part C $(4$ marks$).$On September $30,2023,$ Ace Appliances $($above$)$ borrowed $$250,000$ from the People$$s National Bank on a nine$-$month, $7\%$ note. Ace has a December $31$ yearend.

Required:

Give the journal entry on June $30,2024$ when the note is paid by Ace Appliances. $($Need not show calculations$)$