Problem 9-5 The following is the general ledger account for estimated warranties of McNeil and Grace Ltd., automobile dealers, for the year 20x7. The company issues warranty agreements immediately upon the sale of an automobile. Warranty Liability Dr Cr Total debits during the year $6,000 Opening balance Total credits during the year $10,200 5,800 Required - What is the dollar value of warranty repairs performed in 20x7? What is the warranty expense for the year 20x7? At December 31, 20x7, what is the estimated liability for future warranties? At December 31, 20x6, what was the estimated liability for future warranties? (CGA Canada)