Ping Company began operations on May 1, 2016, and experienced the following events during the year:

1.	Purchased $160,000 of merchandise inventory for cash.
2.	Sold all the merchandise for $240,000 cash and guaranteed the merchandise sold to be free from defects for one year following the date of sale.
3.	Paid $50,000 cash for salaries expense.
4.	Estimated future warranty liability of $2,400 (1% of sales).
5.	Paid $1,600 cash to repair defective merchandise returned by a customer.

After Ping Company makes the necessary adjusting and closing entries at the end of 2016, what is the ending balance in its Warranties Payable account?

$ 800 debit

$ 800 credit

$2,400 debit

$2,400 credit