AC223 Test #2 ESSOA Part II Estimated Liability: Warranty (10 marks) On January 1, 2022, Gonzalez Equipment Company sold 60 appliances during at $4,000 each. On February 5, 2022, Gonzalez spent $1,500 ($1,000 in parts and $500 in wages) servicing the 2-year warranties that accompany the appliances. Historical data indicates that warranty costs average 1% of sales. Record the following transactions: Jan 31, 2022 Record the estimated warranty liability for January 2022 Feb 5, 2022 Record the warranty expense incurred in February 2022 al epistle nominos si to suley 160 s General Journal Page Date Account Title and Explanation PR Debit Credi 2020