21 1 pts During Year 2, Going-Going-Gone sold 100 hot air balloons for $4,000 each. The balloons carry a five-year warranty for defects. It is estimated that repair costs will average 4% of the total selling price. The warranty liability at the beginning of the year was $42,000. Only $11,000 in claims was actually incurred during the year to honour warranties. There is no indication that previously recorded estimate of warranty liability has been misstated. Refer to Going-Going-Gone. What is the balance in the warranty liability at the end of the Year 2? O $37,000 $47,000 O $16,000 $31,000 What is an appropriate date format for a financial statement heading? O Statement of Earnings (income statement) -For the Year Ended December 31 O Statement of Financial Position (balance sheet) -For the Year Ended June 30 Statement of Earnings (income statement) -At December 31 Statement of Retained Earnings-At December 31