Streep Factory provides a 2-year warranty with one of its products which was first sold in 2014. In that year, Streep spent $70,000 in cash payments made to 3rd party repair shops to service warranty claims. At year-end, Streep estimates that an additional $400,000 will be spent in the future to service warranty claims related to 2014 sales. Prepare Streep's journal entry to record the $70,000 expenditure and the December 31 adjusting entry. 2014 warranty expenditures journal entry: Accounts Debit Credit [ Select ] V (Select [Select] Select ] December 31, 2014 adjusting entry to accrue estimated warranty expense: Accounts Debit Credit [ Select] [Select] [Select] [ Select]