XYZ Company sold a product for $$20,000$ in October that includes a $24-$month warranty for repairs. XYZ Company has concluded from prior years that the average cost of repairs over the warranty period is $4\%$ of the sales price. What is the entry required to record the estimated product warranty expense for October $31$st$?$

Debit: Product Warranty Expense $$1,600,$ Credit: Product Warranty Payable $$1,600$

Debit: Product Warranty Payable $$1,600,$ Credit: Product Warranty Expense $$1,600$

Debit: Product Warranty Expense $$800,$ Credit: Product Warranty Payable $$800$

Debit: Product Warranty Payable $$800,$ Credit: Product Warranty Expense $$800$