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Nash Industries changed its method of accounting for warranties from the cash basis to the accrual basis on January 1, 2024. The company's accountant determined that a liability of \\( \\$ 70,000 \\) should be established. Ignore income taxes. Required: Prepare the journal entry to record the accounting change. Note: If no entry is required for o transoction/event, select \"No journal entry required\" in the first account field. Journal entry worksheet