Central Yard Equipment offers warranties on all its lawn mowers. It estimates warranty expense at 14 percent of sales. At the beginning of 2019, the Estimated Warranty Payable account had a credit balance of 52 200 During the year, Central Yard Equipment had $580,000 of sales and had to pay out $8.750 in warranty payments for repairs 1. Prepare the required journal entries to record warranty expense and payments. Use December 31 for the journal entry date 2. What is the balance of the warranty liability at the end of 20102 Indicate whether the balance is a debit or a credit Requirement 1. Prepare the required journal entries to record warranty expense and payments Use December 31 for the journal entry date Begin by recording the warranty expense (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit 2019 Dec 31 Next, record the warranty payments General Journal Debit Credit Date Accounts Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question. Central Yard Equipment offers warranties on all its lawn mowers. It estimates warranty expense at 1.4 percent of sales. At the beginnin 2019, the Estimated Warranty Payable account had a credit balance of $2,200. During the year, Central Yard Equipment had $580,000 sales and had to pay out $8,750 in warranty payments for repairs. 1. Prepare the required journal entries to record warranty expense and payments Use December 31 for the journal entry date 2. What is the balance of the warranty liability at the end of 2019? Indicate whether the balance is a debit or a credit ZUTY Dec 31 Next, record the warranty payments General Journal Date Accounts Dec 31 Debit Credit Requirement 2. What is the balance of the warranty liability at the end of 2019 Indicate whether the balance is a debitor a credit The balance of Estimated Warranty Payable at December 31, 2019 is $ Choose from any list or enter any number in the input fields and then continue to the next