Green Cars Limited guarantees automobiles against defects for five years or 160,000km, whichever comes first. Suppose GC can expect warranty costs during the five-year period to add up to 6% of sales. Assume that Sierra Motors in Stratford, Ontario, made sales of $2,400,000 on its off road line during 2020 . Sierra received cash for 15% of the sales and took notes receivable for the remainder. Payments to satisfy customer warranty claims totalled $55,000 during 2020 . 1. Record the sales, warranty expense, and warranty payments for Sierra. Ignore any reimbursement that Sierra may receive from GC. 2. Post to the Estimated Warranty Payable T-account. The beginning balance was $40,000. At the end of 2020 , how much in estimated warranty payable does Sierra owe its customers