IoPal Post were in a differ- d 1 percent HST rate? Record the entries. Exercise 11-8 The accounting records of Harroy Industries included the following at January 1, 201: cconing fo waranty epense and the related liability Estimated Warranty Payable 2. Estimated Warranty Payable bal, $28,040 Jan. 1,2017 24,800 In the past, Harroy Industries' warranty expense has been 3 percent of sales. During 2017, Harroy Industries made sales of $1,038,000 and paid $27,900 to satisfy warranty claims. Required 1. Record Harroy Industries warranty expense and warranty payments during 2017. Explanations are not required. What balance of Estimated Warranty Payable will Harroy Industries report on its bal- ance sheet at December 31, 2017? 2