Sunny 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 2% of sales. By the end of the first year of selling the product, total sales are $30 million, and actual warranty expenditures are $200,000. Record the adjusting entry for the remaining expected future warranty costs as of December 31, the end of the reporting period. (If

Sunny 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 2% of sales. By the end of the first year of selling the product, total sales are $30 million, and actual warranty expenditures are $200,000. 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 particuler transaction/event, select "No Journal Entry Requlred" In the first account fleld. Enter your answers in dollers, not millions. For example, $5.5 milllon should be entered os 5,300,000.) Sunny 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 2% of sales. By the end of the first year of selling the product, total sales are $30 million, and actual warranty expenditures are $200,000. 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 particuler transaction/event, select "No Journal Entry Requlred" In the first account fleld. Enter your answers in dollers, not millions. For example, $5.5 milllon should be entered os 5,300,000.)