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Question 4 [10 points) Oppong Corporation extends a time waranty shovels sold Ung past experience, the company estrates that 2% of shovels sold will be returned and replaced at an average cost of $10 per shovel On January 1, 2014 the balance in Oppong Corporation's Estimated Warranty Liboly account was 57,250 During 2014 sales totaled 364,000 or 14000 shows the actual numit of shovels returned and replaced was 278 (1) Prepare the tutowing pursat antus Estimates warranty laboties to unes sekt during 2014. Use the date December 31 Replacement of the units returned in 2014 (use the December 31) Enter an obronale description and enter the dates in the format din 15) Om Da Accountaron F Deatre 2. Calculate the balance in the Estimated Warranty Liability account of December 31 2014 and the Warranty pense that will appear on the income statement for the year-ended December 31, 2014 Balance of Emated Warranty Dec. 317 Wary Expenses appears on the income Seen