Sony introduces a new compact music player that carries a two-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 3% of sales. By the end of the first year of selling the product, total sales are $31 million, and actual warranty expenditures are $300,000. Record the adjusting entry for the remaining expected future warranty costs as of December 31, the end of the reporting period (If no entry is required for o porticular transaction/event, select "No Journal Entry Required" in the first occount field. Enter your onswers in dollars, not millions. For example, $5.5 million should be entered os 5,500,000.) Journal entry worksheet Record the adjusting entry for the remaining expected future warranty costs as of December 31 , the end of the reporting period. Note: Enter debits before credits