A. 1 Dec. 2020, ABC Trading Co. borrowed $900,000 for 90 days at 5% by signing a note payable on the same amount. Required: (1) Record the adjusting journal entry on 31 Dec. 2020. (2) Record the journal entry for the payment of the note at its maturity date. B. Ahmed's Co offers warrant of two years on parts of machines. In 2020 the company sold machines for $480,000. In the light of its past experience, Ahmed's Co. estimated the needed warranty sales. During 2020, the company used $11,500 of parts inventory to repair the machine. Required: (1) Prepare the journal entry to record ONLY the warranty liability in 2020. (2) How much is the amount of warranty liability

A. On 1 Dec. 2020, ABC Trading Co borrowed $800,000 for 90 days at 5% by signing a note payable on the same amount Required: (1) Rocord the adjusting journal entry on 31 Dec 2020 (2) Record the journal ontry for the payment of io vote fils maturity dote B. Ahmed's Co offers wastrant of two wars on parts of erschenen 2020 the company and machines for $430,000 in the ight of a post experience, who entended that we sales. During 2020, the company used $11,500 of parts invertory to repair the machine Required: (1) Prepare the journal entry to record ONLY the warranty ability in 2020 (2) How much is the amount of warranty liability on December 31, 2020