2. Ned Appliances Inc. offered a 12 month warranty on all its appliances. Ned Appliances Inc. estimates that one appliance of each 1000 sold will require warranty service and that the average warranty claim will cost Ned Appliances Inc. $300. Required Prepare the journal entry to recognize warranty expense and associated liability, assuming Ned Appliances Inc. sells 30,000 appliances during 2018, for which no warranty work has yet been performed. (4 marks) a) b) Prepare the journal entry for warranty repairs, assuming that in January 2019, Ned Appliances Inc. sends $15,000 cash and parts costing $23,000, to its dealers for warranty repairs