Question 4 [10 points] Bentley Inc, extends a lifetime warranty on all lamps sold. Using past experience, the company estimates that 3% of lamps sold will be returned and replaced at an average cost of $18 per lamp. On January 1, 2014, the balance in Bentley Inc.'s Estimated Warranty Liability account was $6,000. During 2014, sales totalled $495,000 or 15,000 lamps. The actual number of lamps returned and replaced was 423. (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 Joumal Page Gj1 Account Explanation F Dobit Credit (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 317 Warranty Expansa as it appears on the Income Statement