Flaggerty Inc. provides a 3 year warranty on all of the musical instruments it sells. Sales of musical instruments for the current year were $4,500,000 and it is estimated that the warranty expense is equal to 10% of sales. The warranty liability at the beginning of the year was $247,500 and actual costs incurred to service warranties during the year amounted to $195,000. For an Excel Sheet, click on the following verning naunhill dueluninfile nhn87057/action/nunctiontavt/R1780213/797897/Blank%20Sheet% Flaggerty Inc. provides a 3 year warranty on all of the musical instruments it sells. Sales of musical instruments for the current year were $4,500,000 and it is estimated that the warranty expense is equal to 10% of sales. The warranty liability at the beginning of the year was $247,500 and actual costs incurred to service warranties during the year amounted to $195,000. For an Excel Sheet, click on the following link: https://myelearning.cavehill.uwi.edu/pluginfile.php/1675957/question/questiontext/617802/3/797897/Blank%20Sheet%2 %20Factor%20Tables%20-%20Exam.xls (a) The journal entry to record warranty expense is: Dr. Cr. (b) What is the amount of the warranty liability at the end of the year? Answer $