Warranties Lee Electronics, a franchise of electronics stores located in small towns throughout the United States, sold 39032 -inch televisions for $670 each. The televisions carry an attached 3-year warranty for repairs. Lee Electronics estimates that repair costs will average 4.5% of the total selling price. Required: 1. How much is recorded in the Warranty Liability account as a result of selling the televisions during the year, assuming no warranty service has yet been performed? estimated warranty liability 2. Provide the necessary adjusting entry at December 31 . If an amount box does not require an entry, leave it blank. Dec. 31 (Record warranty expense)