Brief Exercise 8-11 (Algo) Record warranty liability (LO8-5) Sunny 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 2% of sales. By the end of the first year of selling the product, total sales are $30.9 million, and actual warranty expenditures are $290,000. 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.) View transaction list Journal entry worksheet 1 Record the adjusting entry for the remaining expected future warranty costs as of December 31, the end of the reporting period. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal