Warranty Costs Milford Company sells a motor that carries a three-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the product warranty period, three percent of the units sold will require repair at an average cost of $60 per unit. The following data reflect Milford's recent experience October November December Dec. 31 Total 22.000 25.000 70.000 Known product failures from sales in 160 November December Calculate, and prepare a journal entry to record, the estimated liability for product warranties at December 31. Assume that warranty costs of known failures have already been reflected in the records, Description Debit Credit To provide for estimated future warranty expense Please answer all parts of the question Calculate, and prepare a journal entry to record, the estimat records. General Journal Description Debit Date Dec.3 Product Warranty Expense Estimated Liability for Product Warranty Un prue. Please answer all parts of the question.