Spares Co. sells products under a two-year assurance-type warranty. The estimated cost of warranty repairs is 2% of net sales. In 2019, Spares sold $3 million in products. Record the journal entries for the warranties associated with these sales. Check all that apply. 000 Cr. Inventory -- $60,000 Dr. Warranty Expense -- $60,000 Dr. Cash-- $60,000 Dr. Cost of Goods Sold - $60,000 Cr. Warranty liability-- $60,000 Cr. Warranty Expense -- $60,000