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Catskills guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately $6\%$ of sales. Assume that the Catskills dealer in Colorado Springs made sales totaling $$575,000$ during $2024.$ The company received cash for $20\%$ of the sales and notes receivable for the remainder. Warranty payments totaled $$15,000$ during $2024.$Read the requirements.Requirement $1.$ Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$Begin with the entry to record the sales. $($Prepare a single compound entry for this transaction.$)$DateAccounts and ExplanationDebitCredit$2024$Record the warranty expense.DateAccounts and Explanation$2024$Record the warranty payments for the company.Date$2024$Accounts and ExplanationDebitDebitCreditCreditRequirements$=1.$ Record the sales, warranty expense, and warranty payments for the company. Ignore cost of goods sold$\mathrm{.}2.$ Assume the Estimated Warranty Payable is S$0$ on January $1,2024.$ Post the$2024$ transactions to the Estimated Warranty Payable T$-$account. At the end of $2024,$ how much in Estimated Warranty Payable does the company owe?Requirement $2.$ Assume the Estimated Warranty Payable is $$0$ on January $1,2024.$ Post the $2024$ transactions to the Estimated Warranty Payable T$-$account. At the end of $2024,$ how much in Estimated Warranty Payable does the company owe?Use the T$-$account to determine the ending balance for the Estimated Warranty Payable account. Use a "Beg. Bal." posting reference to show the beginning balance of the account and an "End. Bal." posting reference to show the ending balance of the account. $($Enter a $"0"$ for any zero amounts.Estimated Warranty Payable

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