Still Running Inc, has a warranty that states defective computers will be replaced free of charge for the life of the product Still Running Inc, estimates that 2% of computers sold will require replacement. Each computer costs Still Running on average $95. During the current year, 2019, sales totaled $3,150,000 or 15.000 computers. The actual number of computers returned and replaced was 125. REQUIRED: 1. Prepare the journal entries to record Sales and Cost of Goods Sold for year 2019. Make the entry on Dec. 31. 2. Prepare the adjusting journal entry to estimate warranty liabilities for the year 2019. Assume this entry is made on Dec. 31. 3. On Dec 31, 2019, prepare the entry to record the replacement of computers actually returned during the year (replacements were made from merchandise inventory). Use the Warranty working paper. Next Previous MacBook Air