1-7 You MUST show ALL calculations required to receive full credit. The calculations MUST be placed on the answer pages. Use a separate page for each question. Do NOT abbreviate account titles. Do NOT abbreviate dollar amounts (e.g., 200k). Points will be subtracted for failure to follow all directions. 1. Warranties Farley Company sells computers for $1,600 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2019, the company sold 2,000 computers. Based on past experience, the company has estimated the total 2-year warranty costs as S60 for parts and S80 for labor per unit. (Assume sales all occur at December 31, 2019.) In 2020, Farley incurred actual warranty costs relative to 2019 computer sales of $60,000 for parts and $70,000 for labor. Instructions (a) Prepare the entries to reflect the above transactions for 2019 and 2020, (b) The transactions of part (a) create what balance under current liabilities in the 2020 balance sheet