Brief Exercise $8-11($Algo$)$ Record warranty liability $($LO$8-5)$

Cloudy introduces a new compact music player that carries a two$-$year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately $\backslash (3\backslash \%\backslash )$ of sales. By the end of the first year of selling the product, total sales are $\backslash (\backslash$$ $30\mathrm{.}1\backslash )$ million, and actual warranty expenditures are $\backslash (\backslash$$ $210,000\backslash ).$

Record the adjusting entry for the remaining expected future warranty costs as of December $31,$ the end of the reporting period. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $\backslash (\backslash$$ $5\mathrm{.}5\backslash )$ million should be entered as $\backslash (\backslash$mathbf$\{5,500,000\}\backslash ).)$

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