Question 4 [10 points) Dylex Corporation extends a lifetime warranty on all lamps sold. Using past experience, the company estimates that 5% of lamps sold will be returned and replaced at an average cost of $10 per lamp. On January 1, 2014, the balance in Dylex Corporation's Estimated Warranty Liability account was $6.750 During 2014 sales totalled $475,000 or 12,500 lamps. The actual number of lamps returned and replaced was 610 (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 ddimmm (ie 15/Jan) General Journal Pace GU1 Dale Account Explanation F Debt Credit + 2) Cakulate 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 Balance of Estimated Warranty Liability at Dec 317 Warranty Expense as it appears on the Income Statement