Accounting for Liabilities Part 1 (5 marks) Brisbane Video Company warrants its products for one year. The estimated product warranty is seven per cent (6%) of sales. Assume that sales were $700,000 for January 2019. In February 2019, a customer claimed the warranty, but there was a need for a replacement of the product (a new one to customer) worth at $2,000. REQUIRED: 1. Provide the journal entry required at 31 January 2019, for the end of the first month of the current year, to record the accrued product warranty for the provision. (2 marks) 2. Provide the journal entry to record the warranty replacement provided in February 2019