Sierra guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 4 % of sales. Assume that the Sierra dealer in Colorado Springs made sales totaling $500,000 during 2018. The company received cash for 50% of the sales and notes receivable for the remainder. Warranty payments totaled $18,000 during 2018. Read the requirements. Requirement 1. Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin with the entry to record the sales. (Prepare a single compound entry for this transaction.) Debit Date Accounts and Explanation Credit Cash 250,000 2018 Notes Receivable 250,000 Sales Revenue 500,000 To record sales for 2018 Record the warranty expense. Accounts and Explanation Date Debit Credit Warranty Expense 20,000 2018 Estimated Warranty Payable 20,000 To accrue warranty payable. Record the warranty payments for the company Record the warranty payments for the company Date Credit Accounts and Explanation Debit Estimated Wamranty Payable 18,000 2018 Cash 18,000 Warranty payments. 2018, how much in Estimated Warranty Payable does the company Requirement 2. Assume the Estimated Warranty Payable is $0 on January 1, 2018. Post the 2018 transactions to the Estimated Warranty Payable T-account. At the end owe? Use the T-account to determine the ending balance for the Estimated Warranty Payable account. Use a "Beg. Bal." posting reference to show the beginning balance of the account and an "End. Bal." posting reference to show the ending balance of the account, (Enter a "0" for any zero amounts.) Estimatod Warranty Payable 0 Beg. Bal. 20,000 Payments End. Bal