1 Nash Industries changed its method of accounting for warranties from the cash basis to the accrual basis on January 1,2024 . The company's accountant determined that a liability of $70,000 should be established. Ignore income taxes. Required: Prepare the journal entry to record the accounting change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 Record the the accounting change. Note: Enter debits before credits