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2022 Warranty Repair Inventory Debit Credit paya (To record honouring warranty contracts.) 2022 Warranty Liability Warranty Repair Inventory (To accrue warranty expense.) 2023 ; Warranty Expense 3240 Warranty Liability (To record honouring warranty contracts.) 2023 Warranty Liability 3064 Warranty Repair Inventory 2023 * Warranty Lisbility 3064 Warranty Repair Inwentory (To accrue warranty expense.) 2024 Warranty Expense 1620 Warranty Llability (To record honouring warranty contracts.) (To accrue warranty expense.) Your answer is correct. Calculate the warranty expense for each year and warranty liability at the end of each year. On January 1, 2022, Carla Vista Company began a warranty program to stimulate sales. It is estimated that 5% of the units sold will be returned for repair at an estimated cost of $36 per unit. Sales and warranty figures for the three years ended December 31 are as follows