Nance Company estimates its annual warranty expense as 4% of annual net sales. The following data relate to the calendar year 2015: Net sales $1,500,000 Warranty liability account Balance, Dec. 31, 2015 Balance, Dec. 31, 2015 $10.000 debit before adjustment 50,000 credit after adjustment Which one of the following entries was made to record the 2015 estimated warranty expense? a. Warranty Expense. Retained Earnings (prior-period adjustment) Warranty Liability ........ b. Warranty Expense ....... Retained Earnings (prior-period adjustment) Warranty Liability c. Warranty Expense Warranty Liability ...... d. Warranty Expense .................... Warranty Liability ....... 60,000 10,000 50,000 50,000 10,000 60,000 40,000 40,000 60,000 60,000