3 Hardin Widget Manufacturing began operations in January 2016. 3 Hardin sells widgets that carry a two- year manufacturer's warranty against defects in workmanship 3 Hardin's management projects that 2% of the widgets will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The widgets sell for $500 each. The average cost to repair a widget is $60. The company sells 70% of the widgets to retail customers who must pay a 6% sales tax. Sales and warranty information for 2016 and 2017 are as follows: 2016: Sold 100 widgets on account, incurred warranty expenditures of $200. 2017: Sold 200 widgets on account, actual warranty expenditures were $400. Required 1. Prepare journal entries that summarize the sales and any aspects of the warranty for 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry worksheet 1 2 3 Record the entry for summarize the sales for 2016 Transaction General Journal Debit credit *Enter debits before credits done clear entry record entry