Assume that in $2020$ ABC Company sells $1000$ units at an average price of $$200$ each. The selling price includes a one$-$year warranty on parts. ABC expects that $500$ units will be defective and that warranty repair costs will average $$40$ per unit. In $5-5-2021$ ABC honors warranty contracts on $50$ units, what is the adjusting entry on $31-12-2020?$Select one:a$.$Cash $1000$ Sales Revenue $1000$ b$.$ All answers are falsec.Warranty Liability$2000$ Repair Parts $2000$ d$.$Warranty Expense$200000$ Warranty Liability $200000$ e$.$Warranty Expense$20000$ Warranty Liability $20000$