The accounting records of Claytown Cycle included the following at January 1, 2020 Estimated Warranty Payable January 1, 2020 25.500 in the past Claytown Cycle's warranty expense has been 3 percent of sales. During 2020, Claytown Cycle made sales of $1,040,000 and paid 529,500 to satisy warranty claims Required 1. Record Claytown Cycle's warranty expense and warranty payments during 2020. Explanations are not required 2. What balance of Estimated Warranty Payable wil Claytown Cycle report on ts bance sheet at December 31, 20207 Requirement 1. Record Claytown Cycle's warranty expense and warranty payments during 2020 Explanations are not required Journalize the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Joumalize the warranty payments