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Ting Manufacturing sells its products with a 75-day warranty for defective merchandise. Based on past experience, Ting estimates that 3% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is NT$15 (amounts in thousands). The units sold and units defective that occurred during the last 2 months of 2020 are as follows. Month November December Units Sold Units Defective Prior to December 31 30,000 600 32,000 400 Your answer is partially correct. Prepare the journal entries to record the provision for warranties and the costs incurred in honoring 1,000 warranty claims. (Assume actual costs of NT$15,000 and expenditures are for repair costs. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account cities and enter for the amounts.) Debit Credit Account Titles and Explanation Warranty Expense (To record provision for warranties) Warranty Expense (To record honoring of warranty contracts) * Your answer is incorrect. Determine the estimated warranty liability at December 31 for the units sold in November and December Estimated warranty liability NT$ Your answer is partially correct. Give the entry to record the honoring of 500 warranty contracts in January at an average cost of NT$15.(Assume expenditures are for repair costs)/Credit exount Utles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts! Account Titles and Explanation Debit Credit