Sales made in fiscal 2016 for $50,000,000 include a 5 year warranty coverage. The estimated cost for warranty is expected to be 2% for the first 4 years and 5% for the last year. Determine how much warranty expense will be recorded in fiscal 2016 Select one: a. 5,000,000 b. 1,000,000 c. 6,500,000 d. 4,000,000 e. 1,500,000