Cloudy introduces a new compact music player that carries a two year warranty against manufacturer's defects. Based on industry expertance 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 milion, 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 fn doltars, not mlttlons. For example, $5.5 mitfon 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. hise: Fnter debta before credth