Warranties Lot Electronics, a franchise of electronics stores located in small towns throughout the United States, solid 270 32-inch televisions for 5720 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? 3,748 estimated warranty liability 1. Warranty expense should be matched with the revenues it helped generate. As such, future warranty costs represent an obligation 2. Provide the necessary adjusting entry at December 31. If an amount box does not require an entry, leave it blank Dec 31 Warranty Liability 2,916 x Cash 2.916 x (Record warranty, expense) Feb Charon 2. Warranty expeme should be matched with the revenues it helped generate. As such, future warranty costs represent an obligation