Bentley Inc. extends a lifetime warranty on all toasters sold. Using past experience, the company estimates that 1% of toasters sold will be returned and replaced at an average cost of $20 per toaster. On January 1, 2014, the balance in Bentley Inc.'s Estimated Warranty Liability account was $6,250. During 2014, sales totalled $828,000 or 18,000 toasters. The actual number of toasters returned and replaced was 170. (1) Prepare the following journal entries : Estimated warranty liabilities for units sold during 2014. Use the date December 31. Replacement of the units returned in 2014 (use the date December 31). Enter an appropriate description, and enter the dates in the format dd/mmm (ie. 15/Jan). General Journal Page Gj1 Date Account Explanation F Debit Credit (2) Calculate the balance in the Estimated Warranty Liability account at December 31, 2014, and the Warranty Expense that will appear on the income statement for the year-ended December 31, 2014. Balance of Estimated Warranty Liability at Dec. 31? Warranty Expense as it appears on the Income Statement