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Sheridan, Inc. sells 1270 units of a product that has a one-year warranty on parts. The average cost of honoring one warranty contract is $60. During the year 70 contracts are honored at a total cost of $4200. It is estimated that 140 contracts will be honored in the following year. The adjusting entry at the end of the current year will include a credit of Warranty Liability $8400. credit of Warranty Liability $12600. debit of Warranty Expense $4200. debit of Warranty Expense $12600