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Questioni Inline Incorporated manufactures skates and equipmlt for in-line skating. The company offers a one-year warranty on all products. During 2014, the company recorded net sales of $4,12T.3 million. Historically, about 3% of all sales are returned under warranty and the cost of repairing and or replacing goods under warranty is about 50% of retail value. Assume that at the start ofthe year Inline's balance sheet included an accrued warranty liability of$15.4 million and at the end of the year, the accrued warranty liability balance was $1 1.5 million. Required: Use FSET to record 1. Inline's warranty expense for 21114. 2. Inline's payment during the year to repair and or replace goods under warranty