Smart car's sales provide a one-year labour and parts warranty with every car sold. It is expected that 2 000 cars will be sold for the year. Past records show that about 8% of cars require warranty repairs at an average cost of $400 per car. What is the accounting entry to record the expected warranty expense for the year? Select one: a. Debit warranty expense $64 000; credit provision for warranties $64.000 b. Debit provision for warranties $64 000; credit warranty expense $64 000 c. Debit provision for warranties $64 000; credit bank 564 000 d. No entry is required