Sierta Corrector guarantees its snowmobiles for three years. Company exporinnce indicates that warranty costs will be approximatefy 4% of sales Assume that the Sierra dealer in Colorado Sptings made sales lotaling $450,000 during 2016 . The company received cash for 10% of the sales and noles recrivable for the remainder. Warranty payments totaled $12.000 during 2016 Requirements 1. Record the sales, wartanty expense, and warranty payments for the company. Ignore cost of goods sold 2. Post to the Estimated Warranty Payable T-account. At the end of 2016, how much in Estimated Warranty Payable doos the compary owe? Assume the Estimated Warranty Payable is $0 on January 1, 2016 Requirement 1. Record the sales, warranty expense, and warranty payments for the company lgnore cost of goods sold. (Record debits first, then crodits. Select the explariation ont tho last line of the journal entry tablo.) Begin with the entry to record the sales. (Propare a single compound entry for this transaction.)