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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) 2. Calculate the balance of the Estimated Warranty Liability account at December 31, 2023.(2 marks) (Need not show calculations) Part B. (4Marks). 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)

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