Pracene Sports Supply Is a Relatively New Producer of Sporting

Pracene Sports Supply is a relatively new producer of sporting goods.To enhance the competitiveness of its products,on July 1,2018,the company introduced a warranty against defects for 12 months from the date of sale.
The company's products are of a sufficiently high quality such that no warranty claims were received in 2018.However,in February 2020,when the auditors examined the records for the year ended December 31,2019,they noted a small number of warranty claims in 2019 amounting to $243,000,which was recorded as miscellaneous expense.These claims alerted the auditors to the fact that the company should have but did not accrue for the expected warranty costs starting in 2018.
Pracene's management estimates warranty fulfillment costs to be 0.10% of revenue.The company recorded revenue of $51,500,000 in 2018 and $55,300,000 in 2019.There is very little seasonality in the sales pattern through the year.The company's tax rate is 40%.The general ledger for 2019 has not yet been closed.
Required:
Record any adjusting journal entries required to correct Pracene's books.Include the effect of income taxes.