Warranties Bombeck Company sells a product for $1,570. When the customer buys it, Bombeck provides a one-year warranty. Bombeck sold 170 products during 2016. Based on analysis of past warranty records, Bombeck estimates that repairs will average 3% of total sales. Required: 1. Prepare the journal entry to record the estimated liability. Description Journal Balance Sheet Stockholders' Debit Credit Assets = Liabilities + Equity Revenues Income Statement Net Expenses Income 2. Assume that during 2016, products under warranty must be repaired using repair parts from inventory costing $7,649. Prepare the journal entry to record the repair of products. Description Journal Balance Sheet Stockholders' Debit Credit Assets = Liabilities + Equity Revenues Income Statement Net Expenses Income