A business began selling a new product with a 2 year warranty. Based upon their experience selling similar products they estimated the following: Estimated Warranty Costs Sales Revenue Actual Warranty expenditures YEAR 1 YEAR 2 8% $500,000 $48,000 3% $600,000 $25,000 USE THE FOLLOWING ACCOUNTS NAMES: Accounts Receivable Cash Warranty Expense Warranty Liability Sales Remember to enter 0 (zero) in all unused cells (except the date column). USE CORRECT SPELLING. USE COMMAS, no $ for all amounts. DO NOT LEAVE ANY BLANK ROWS! Record the entry for the sale of the product on account for the FIRST year only. DO NOT LEAVE ANY BLANK ROWS! 1. Record the entry for the sale of the product on account for the FIRST year only. DATE 2.Record the entry for the warranty liability required for the FIRST year only DATE 3. Record the entry for warranty repairs for the FIRST year only. (4) What is the balance of the warranty liability account at the end of the first year