Exercise 8-16 (Static) Record warranties over two years (LO8-5) Lindy Appliance begins operations in 2024 and offers a one-year warranty on all products sold. Total appliance sales in 2024 are $1,600,000, and Lindy estimates future warranty costs in 2025 to be 2% of current sales. Actual warranty costs in 2025 are $25,000. Also in 2025 , Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2025 to be 1.5% Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in Warranty Liability at the end of 2024 and 2025 ? Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the contingent liability for warranties for the year ending December 31 , 2024. Note: Enter debits before credits