24 Rotary Tools sells power tools and back each prexclut it sells woh a one year warranty against defects. Based on previous exprience the company expects Warranty costs to be appraximately 5% of sales. By the end of the first year, sales are $800,000 Actual warranty expenses incurred to face $13.000 1. Does this mauation representa contingent ability 0020 Yes O No Bags 2.&3. Record the appropriate Journal enties for the warranties. Of no entry is required for a particular transaction/event, select No Journal Entry Required in the first account field) View transaction at Journal entry worksheet Record warranty expense and warranty aby for the year based on 5% of sales. N Enter Transaction General Journal lebt Ce PKK y 2 G plaw transcon Joumal entry worksheet