Required information Exercise 8.15A Record warranties over two years (L08-5) [The following information applies to the questions displayed below) Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022. Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1,5% Exercise 8-15A Part 4 4. What is the balance in Warranty Liability at the end of 2021 and 2022? 2021 2022 Warranty Liability