Question: Please answer only 10 minutes left !!! Shefford Cutiery extends a lifetime replacement warranty on all units sold. Using past experience, the company estimates that

Shefford Cutiery extends a lifetime replacement warranty on all units sold. Using past experience, the company estimates that 0.5% of units sold will be returned and require replacement at an average cost of $102 per unit. On January 1,2020 , the balance in Shefford's Estimated Warranty Llability account was $16.800. During 2020, sales totalled $3,720.000 or 17.400 units. The actual number of units returned and replaced was 88 Required: a. Prepare the entry to estimate warranty liabilities based on the units sold for 2020 . Assume the adjustment is made on December 31. Journal entry worksheet Journal entry worksheet Record the replacement of units under warranty. Note: Enter debits before credits. c. Calculate the balance in the Estimated Warranty Liability account at December 31, 2020 . d. What is the warranty expense that will appear on the income statement for the year ended December 31,2020
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