0.00 points Products introduced a new line of commercial sprinklers in 2015 that carry a one-year warranty against manufacturer's defects. a warranty, trade publications were consulted to determine on t at expe ence, war rty costs were expected to approximate 4% of sales Sales of the sm es in 2015 were $3,500,000 Accordingly, the were recorded during the first year of selling the product Because this was the first product for which the company offered the experience of others in the industry. Based ollowing entnes relating to the contingency for warranty costs Accrued liability and expense Warranty expense (496 x $3.500,000) 140,000 Estimated warranty iability 140,000 Actual expenditures (summary entry) Estimated warranty liability 64 400 Cash, wanges pegyable, parts and supplies, etc 64, 400 In late 2016, the company's clams apience was evalated and t wais deteirmined that clams wen more than expected-55% of sales rather than 4% Required 1. Assuming sales of the sprinklers in 2016 wore $4,600,000 and warranty expenditures in 2016 totaled $118,000, prepare any journal entries related to the warranty, (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) new transaction list Journal entry worksheet Record the accrued liability and expense Note Enter detits befare ceds Debit ated wigranty haley