07 5 $5,190,000 $35,500 12.5 points Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2021. 3. What amount should Cupola report as a liability at December 31, 2021? eBook Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Required 3 A Print Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list References Journal entry worksheet Record the actual expenditures. Note: Enter debits before credits. Event General Journal Debit Credit 68,300 3 Warranty liability Cash 68,300 07 5 $5,190,000 $35,500 12.5 points Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2021. 3. What amount should Cupola report as a liability at December 31, 2021? eBook Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Required 3 A Print Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list References Journal entry worksheet Record the actual expenditures. Note: Enter debits before credits. Event General Journal Debit Credit 68,300 3 Warranty liability Cash 68,300