Velor Inc. extends a lifetime warranty on all hockey sticks sold. Using past experience, the company estimates that 3% of hockey sticks sold will be returne average cost of $11 per hockey stick. On January 1, 2014, the balance in Velor Inc.'s Estimated Warranty Liability account was $6,000. During 2014, sales 17,000 hockey sticks. The actual number of hockey sticks returned and replaced was 547 (1) Prepare the following journal entries : Estimated warranty liabilities for units sold during 2014. Use the date December 31. Replacement of the units retu the date December 31). Enter an appropriate description, and enter the dates in the format dd/mmm (ie. 15/Jan). Velor Inc. extends a lifetime warranty on all hockey sticks sold. Using past experience, the company estimates that 3% of hockey sticks sold will be returne average cost of $11 per hockey stick. On January 1, 2014, the balance in Velor Inc.'s Estimated Warranty Liability account was $6,000. During 2014, sales 17,000 hockey sticks. The actual number of hockey sticks returned and replaced was 547 (1) Prepare the following journal entries : Estimated warranty liabilities for units sold during 2014. Use the date December 31. Replacement of the units retu the date December 31). Enter an appropriate description, and enter the dates in the format dd/mmm (ie. 15/Jan)