Question 3 [10 points] Oppong Corporation extends a lifetime warranty on all radios sold. Using past experience, the company estimates that 4% of radios sold will be returned and replaced at an average cost of $8 per radio. On January 1, 2014, the balance in Oppong Corporation's Estimated Warranty Liability account was $9,250. During 2014, sales totalled $520,000 or 13,000 radios. The actual number of radios returned and replaced was 526 (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 dates in the format dd/mmm (ie. 15/Jan). General Journal Date Account/Explanation F Debit Credit Page Gj1 (2) Calculate the balance in the Estimated Warranty Liability account at December 31, 2014, and the Warranty Expense that will appear on the income statement for the year-ended December 31, 2014. Balance of Estimated Warranty Liability at Dec. 31? Warranty Expense as it appears on the Income Statement