Vance Company estimates its annual warranty expense as 4% of annual net sales. The following data relate to the calendar year 2019 Net sales 1,500,000 Warranty liability account Balance, Dec 31, 2019 $10,000 debit before adjustment Balance, Dec. 31. 2019 50,000 credit after adjustment Which one of the following entries was made to record the 2019 estimated warranty expense? 40.000 10,000 50,000 a. Warranty Expense 40,000 Warranty Liability b. Warranty Expense 60,000 Retained Earnings (prior-period adjustment) Warranty Liability O c. Warranty Expense 50,000 Retained Earnings (prior-period adjustment)10,000 Warranty Liability 60,000 Od. Warranty Expense Warranty Liability 60,000 60,000