Cobb Yard Equipment offers warranties on all its lawn mowers. It estimates warranty expense at 2.6 percent of sales. At the beginning of 2019, the Estimated Warranty Payable account had a credit balance of $3,200. During the year, Cobb Yard Equipment had $720,000 of sales and had to pay out $9,900 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. Date Dec. 31 General Journal Accounts Debit Credit Requirement 2. What is the balance of the warranty liability at the end of 2019? Indicate whether the balance is a debit or 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