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Question 3 [10 points] Gulf Corp extends a lifetime warranty on all shovels sold Using past experience, the company estimates that 5% of shovels sold will be returned and replaced at an average cost of $14 per shovel On January 1, 2014, the balance in Gulf Corps Estimated Warranty Liability account was $8,750 During 2014 sales totaled 5738,000 or 18 000 shovels. The actual number of shovels returned and replaced was 846 (1) Prepare the following journal entries Estimated warranty liabilities for units sold during 2014 Use the date December 31, Replacement of the units returned in 2014 (use the date December 31) Enter an appropriate description and enter the distes in the format dd/mmm ( 15 Jan) Cone Journal PE GUT Dut Acoplanation Debit Crede Calculator the balance in the Estimated Warranty ability account at December 31, 2014 and the Warranty Expense that will appear on the income statement for the yewended December 31, 2016 Balance of Estimated Warranty Libety at Dec 312 Warranty Expenses it appears on the income Statement? Official Timo: 12:40:07 SUBMIT AND MARK SAVE AND CLOTH Type hot to search 2310 20-102