4. The Captain Company began operations on January 1, 2016. In 2016, Captain's sales were $400,000, and payments arising out of warranty obligations were $18,000 Required: a. Assume that this is an assurance-type warranty and $0.10 of warranty cost will be incurred for each $1.00 of sales. Prepare the 2016 journal entries to record warranty expense and payments made using the GAAP approach which requires that warranty expense (and the related liability) be accrued in the period of the sale. [4 pts) Assume that this is a service-type warranty and $0.10 of each $1.00 of sales represents warranty revenue. Prepare the 2016 journal entries related to product sales and warranty activities. (7 pts) b. USE THE TABLE ON THE NEXT PAGE FOR YOUR ANSWERS GO TO NEXT PAGE Question continued O CH Top for wat To card payments made Ta warranty Top de formato Martie completar efter myspy of $75.000 The company withhold decomandat come for allemeyen in the following tax rates apply. Fax. federal unemployment to state www. Re: are the journal entry to record sales and meloyee withholding terms for the month of around numbers up to the nest wieder Prepare the journal entry to record employer payroll team for the month of 14h proxy 3