Oriole Corporation has been experiencing a higher than expected number of warranty claims in the current year, due mainly to less than ideal product design. For this reason, the warranty expense percentage used was changed from $3\%$ to $4\%$ of sales. The warranty expense for the current year was calculated using the new rate of $4\%$ of sales. The controller estimates that if the new rate had been used in the past, an additional $$155,000$ worth of warranty expense would have been recorded.

$($a$)$

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What journal entry, if any, should Oriole record at the end of its fiscal year, December $31,2023?($List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Warranty Expense

Warranty Liability