In $2024,$ Song Company introduces a new product that includes a two$-$year warranty on parts. During $2024,4,400$ units are sold for $$450$ each. The cost of each unit was $$175.$ The company estimates that $5\%$ of the units will be defective and that the average warranty cost will be $$85$ per unit. The company has a December $31$ fiscal year end and prepares adjusting entries on an annual basis. Prepare an adjusting entry at December $31,2024,$ to accrue the estimated warranty cost.