35 Woodmler Lawn Products introduced a new line of commercial sprinklers in 2020 that carry a one-year warranty against manufacturer's defects. Because this was the first product for which the company offered a warranty, trade publications were consulted to determine the experience of others in the industry Based on that experience, warranty costs were expected to approximate 1% of sales. Sales of the sprinklers in 2020 were $3.2 million Accordingly, the following entr relating to the contingency for warranty costs were recorded during the first year of selling the product Debit Credit 32,600 32.000 General Journal Accrued liability and expense Warranty expense (1% x $3,200,000) Warranty liability Actual expenditures (summary entry) Warranty liability Cash 16,000 16,000 In late 2021, the company's claims experience was evaluated and it was determined that claims were far more than expected-2% of sales rather than 196 Required: 1. Assuming sales of the sprinklers in 2021 were $43 million and warranty expenditures in 2021 totaled $95.000, prepare any Journal entries related to the warranty. 2. Assuming sales of the sprinklers were discontinued after 2020, prepare any loumal entry's) in 2021 related to the warranty