A company estimates that warranty expense will be 7% of sales. The company's sales for the current period are $315,000. The current period's entry to record the warranty expense is Debit Warranty Expense $22,050; credit Estimated Warranty Liability $22,050 Debit Warranty Expense $22,050; credit Sales $22,050 Debit Estimated Warranty Liability $22,050; credit Warranty Expense $22,050 No entry needed- warranty expense is only reported when the claim is actually made