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What is the balance in estimated warranty payable

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Reference no: EM13554904

The following transactions of Dunn Miles occurred during 2012:

Apr 30 Miles is party to a patent infringement lawsuit of $230,000. Miles's attorney is certain it is remote that Miles will lose this lawsuit. 
Jun 30 Estimated warranty expense at 3% of sales of $430,000.

Jul 28 Warranty claims paid in the amount of $6,400.

Sep 30 Miles is party to a lawsuit for copyright violation of $130,000. Miles's attorney advises that it is probable Miles will lose this lawsuit.
Dec 31 Miles estimates warranty expense on sales for the second half of the year of $510,000 at 3%.

Requirements

1. Journalize required transactions, if any, in Miles's general journal. Explanations are not required.

2. What is the balance in Estimated warranty payable?

Reference no: EM13554904

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