Masterpiece Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 4% of sales revenue. In 2025, the company had $614,000 in sales. In the same year, Masterpiece Sales replaced defective goods with goods that had a cost of $16,000. Which of the following is the entry needed to record the replacement of the defective goods? Estimated Warranty Payable 16,000 Merchandise Inventory 16,000 O Warranty Expense 24,560 Merchandise Inventory 24.560 Warranty Expense 24,560 Estimated Warranty Payable 24,560 O Warranty Expense 16,000 Estimated Warranty Payable 16,000