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Honest Tim's Auto Company sells used cars and warrants all parts for one year. The average price per car is $10,000, and the company sold 900 in 2011. The company expects 30 % of the cars to develop defective parts within one year of sale. The estimated average cost of warranty repairs per defective car is $600. By the end of the year, 80 cars sold that year had been returned and repaired under warranty. On January 4, 2012, a customer returned a car purchased in 2011 for repairs under warranty. The repairs were made on January 8. The cost of the repairs included parts, $400, and labor, $210. Calculate the amount of the estimated product warranty payable. Prepare the entry to record the estimated product warranty payable on December 31, 2011. Prepare the entry to record the repairs made on January 8, 2012