At the beginning of 2016, Wilco Mechanics Ltd had a credit balance of exist40 000 in its Warranty Provision account. The warranty expense for the year was exist280 000 and the balance of the Warranty Provision account at the end of the year after adjusting entries was exist240 000. Required: Calculate the cost of warranty claims during the period. Prepare journal entries to record the warranty claims during the period. Assume that all warranty costs were for the replacement of parts using goods from its own inventory. Prepare journal entries to record the end-of-period adjustments to the Warranty Provision account