A company started providing a one-year warranty on one of their products. There were a total of 2,100 of these products sold during 20x5. The company estimates that the cost of warranty repairs will be as follows: Amount $0 40,000 80,000 105,000 225,000 Probability 50% 15% 15% 12% 80 Total warranty costs incurred during the year amounted to $13,200 and were charged to cost of goods sold. Required - Prepare the adjusting journal entries required at December 31, 20x5