What amount should John report as estimated premium claims outstanding at December 31, 2014? $100,000 $121, 250 $375,000 $275,000 Backhoe Company estimates its annual warranty expense at 5% of annual net sales. The following information relates to the calendar year 2013: Net sales $3,000,000 Estimated liability under warranties: January 1, 2013 100,000 December 31, 2013, after year-end adjustment 70,000 Refer to Exhibit 9-5. The amount of warranty expense for 2013 is $80,000 $100,000 $150,000 $180,000 Refer to Exhibit 9-5. The amount of expenditures for warranty costs for 2013 is $80,000 $100,000 $150,000 $180,000