Acompany offers warrarities on aff their goods. They ostimate warranty expense at 5% of sales At the beginning of the year, the Fstirnated Warranty Payable account had a credit talance of \$2,000. Daring the year, the company had $345,000 in sales and replaced defective goods with merchandiae inventory costing $7,000 1. Prepare the journal entry to etainate warranty expeinse 2. Prepaie the joumal entiy to record the replacement of defective goods Explanations ant not noesfed Show all work to receive pastial creofit If you plan to subrait scrap paper, plaane type "ocrap paper" in the box below