Appliance Mart, Inc. starts the year with a credit balance of $3,500 in its Estimated Warranty Payable account. During the year, there were $224,000 in sales and $5,500 in warranty repair payments. Appliance Mart estimates warranty expense at 4% of sales. Requirement 1: At the end of the year, what is the balance in the Estimated Warranty Payable account? Requirement 2: Prepare a journal entry for the payment of warranty repair payments. Show all of your work