This year Punch-IT sold 3,000 calculators with a one-year warranty. Past records showed that about 5% of calculators sold require warranty repairs at an average cost of $50 per device. If last year's estimated warranty expenses balance brought forward is $1,000 credit, what is the accounting entry to record the expected warranty expense for this year? Group of answer choices Debit warranty expenses $8,500, credit provision for warranties $8,500 Debit provision for warranties $7,500, credit