Brief Exercise 8-11 (Algo) Record warranty liability (LO8-5) Cloudy introduces a new compact music player that carries a two-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 3% of sales. By the end of the first year of selling the product, total sales are $30.7 million, and actual warranty expenditures are $270,000. Record the adjusting entry for the remaining expected future warranty costs as of December 31 , the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.) Journal entry worksheet Record the adjusting entry for the remaining expected future warranty costs as of December 31 , the end of the reporting period. Note: Enter deblts before credits