Mike Bikes Ltd offers warranty for the sale of its products. On 1 January 2019, there was a credit balance of $50,000 in its warranty provision account. On 30 November 2019, Mike Bikes Ltd replaced goods under warranty at a cost of $44,000 using goods from its own inventory. At 31 December 2019, Mike Bikes Ltd estimated its liability for unexpired warranty contracts as $55,000. Required a) Prepare a journal entry to record the warranty claims on 30 November 2019. Narrations are not required. (1 mark) b) Prepare a journal entry at the year end 31 December 2019 to record the end-of-period adjustment to the Warranty Provision account. Narrations are not required. (2 marks)