The accounting records of Earth Gadgets showed a balance of $1, 000 in Estimated Warranty Payable at December 31, 2015. In the past, Earth Gadgets' warranty expense has been 6% of sales. During 2016, Earth Gadgets made sales of $239, 000 on account and paid $5, 000 to satisfy warranty claims. Requirements Requirement 1 Journalize Earth Gadgets' sales, warranty expense, and cash payments made to satisfy warranty claims during 2016. Explanations are not required. Journalize Earth Gadgets' sales. (Record debits first, then credits. Explanations are not required.) 1. Journalize Earth Gadgets' sales, warranty expense, and cash payments made to satisfy warranty claims during 2016. Explanations are not required. 2. What balance of Estimated Warranty Payable will Earth Gadgets report on its statement of financial position at December 31, 2016