XYZ Corporation sold merchandise for $10,000 cash, which cost $6,000. The merchandise had a warranty that XYZ Corporation estimates will require $500 for repairs. Requirements: a. Prepare the journal entry to record the sale of merchandise by XYZ Corporation. b. Record the cost of goods sold. c. Calculate the gross profit for the sale. d. Estimate the warranty liability. e. Analyze the impact of warranty expenses on the income statement and balance sheet.