Problem 8-79A (Algorithmic) Warranties Mason Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Mason offers a 6-month warranty on all repairs. The following data are available for 2019: Transmissions repaired, 2019 4,600 Expected frequency of warranty claims 0.03 per repair Actual warranty claims, 2019 $52,900 Estimated warranty liability, 1/1/19 $42,100 Estimated cost of each warranty claim $350 Assume that warranty claims are paid in cash. Required: 1. Compute the warranty expense for 2019. 2. Prepare the entry to record the payment of the 2019 warranty claims. (Record payment of claims)