Catskills gurantees its snowmobiles for three years.

Catskills guarantees its snowmobiles for three yoars. Company experience indicates that warranty costs will be approximately 3% of sales Assume that the Catskills dealer in Colorado Springs made sales totaling $450.000 during 2024. The company recelved cash for 50% of the sales and notes recoivable for the remainder. Warranty payments totaled 512,000 during 2024 Read the cequirements Requirement 1. Record the sales, warranty expense, and warranty payments for the company lgnore cost of goods sold (Record debits frist, then credits Select the explanation on the last line of the journat entry table) Begin with the entry to record the sales. (Propare a single compound entry for this transocilon) 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. 2. Assume the Estimated Warranty Payable is $0 on January 1, 2024. Post the 2024 transactions to the Estimated Warranty Payable T-account. At the end of 2024 , how much in Estimated Warranty Payable does the company owe