1) On July 1, 20X1, Wilton Electronics sells 28 gaming consoles for $475 each.Each console sold comes with a one-year warranty. The company estimates that warranty costs will be 5% of revenues. Assume any warranty claims will be fulfilled through "fixing" the unit. The company's 20X1 warranty claims on the July 1 units sold total $200.Record entries for the sale on July 1, 20X1, the 20X1 warranty claims, and any warranty adjustment on December 31, 20X1 (ignore any cost of goods sold entries). You may round numbers to the nearest dollar