8 Required information Use the following information for the Exercises below. (Algo) {The following information applies to the questions displayed below.) Hitzu Co. sold a copler (that costs $3,500) for $7,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copler requires on-site repairs that are completed the same day. The repairs cost $144 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copler. ht eBook Exercise 9-12 (Algo) Warranty expense and liability computations and entries LO P4 eferences 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copler os of December 31 of Year 1? 3. How much is the estimated warranty ability for this copler as of December 31 of Year 2? 4. Prepare journal entries to record(a) the copler's sale: (b) the adjustment to recognize the warranty expense on December 31 of Year 1 and (c) the repairs that occur on January 5 of Year 2 Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 12 3. How much is the estimated warranty liability for this copler as of December 31 of Year 2? 1. Warranty expenso 2. Estimated warranty liability 3. Estimated warranty liability ( Ren I fan Reg 4 > - Required information wwwwwwwwww 1: and the repairs that occur on January 5 of Year 2. Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 Prepare journal entries to record (a) the copler's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. View transaction ist Journal entry worksheet Record the sale of a copier for $7,000 cash. Note: Enter debits before credits Date General Journal Debit Credit Aug 16 Record entry Clear entry View general Journal View transaction list Journal entry worksheet > Record the estimated warranty expense at 5% of the sales. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal Prepare journal entries to record (a) the copler's sale; (b) the adjustment to recognize the walls and (c) the repairs that occur on January 5 of Year 2. eferences View transaction list Journal entry worksheet > 2 3 Record the cost of repairs that occur on January 5 of Year 2. Note: Enter debits before credits General Journal Debit Credit Date Jan 05 Record entry Clear entry View general Journal