Shefford Cutlery 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 $108 per unit. On January 1, 2020, the balance in Shefford's Estimated Warranty Liability account was $15.700. During 2020, sales totalled $3,610,000 or 15.200 units. The actual number of units returned and replaced was 77. Required: a. Prepare the entry to estimate warranty liabilities based on the units sold for 2020. Assume the adjustment is made on December 31 View transaction list View journal entry worksheet No Date Debit Credit 1 Dec 31, 2020 General Journal Warranty expense Estimated warranty liability 8206 8.208 b. Record the replacement of the units returned in 2020 (use a date of December 31). View transaction list Journal entry worksheet Record the replacement of units under warranty. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2020 View general journal Clear entry Record entry c. Calculate the balance in the Estimated Warranty Liability account at December 31, 2020. Balance in the Estimated Warranty Liability account d. What is the warranty expense that will appear on the income statement for the year ended December 31, 2020? Warranty expense