Warranties In 2019, Lee Electronics, a franchise of electronics stores located in small towns throughout the United States, sold 97032 -inch televisions for $470 each. The televisions carry an attached 3-year warranty for repairs. Lee Electronics estimates that repair costs will average 5.5% of the total selling price. Required: 1. How much is recorded in the Warranty Liability account as a result of selling the televisions during 2019 , assuming no warranty service has yet been performed? $ estimated warranty liability 2. Provide the necessary adjusting entry at December 31, 2019. Dec. 31 (Record warranty expense)