The accounting records of Harold Cycle included the following at January 1, 2020 Estimated Warranty Payable January 1, 2020 29,000 In the past, Harold Cycle's warranty expense has been 5 percent of sales. During 2020. Harold Cycle made sales of $1,050,000 and paid $32,000 to satisfy warranty claims Required 1. Record Harold Cycle's warranty expense and warranty payments during 2020. Explanations are not required 2. What balance of Estimated Warranty Payable will Harold Cycle report on its balance sheet at December 31, 2020? Requirement 1. Record Harold 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 Choose from any list or enter any number in the input fields and then continue to the next question O of Chapter 0 Sample Test - Enter Answers OBI A e to search FO