Also need to find net income for each balance sheet and income statement- the first question of this assignment is the last attachment. Thank you!

Mail - Th Course Cer X Course Cengas * 137714 137714 * 137715 Cengas Cengas BI Aunt J. H.L The re: #% Aunt Je My Cit G instapc a Amazon G Instant @ About | Instant G estima + C # v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator 1. EX.09.01 Warranties Polar Company manufactures and sells Ice Machines. Polar provides all customers with a two-year warranty guaranteeing to repair, free of charge, any defects reported during this time period. During the year, 2. EX.09.03.ALGO it sold 100,000 Ice Machines for $310 each. Analysis of past warranty records indicates that 12% of all sales will be returned for repair within the warranty period. Polar expects to incur expenditures of $15 to 3. EX.09.04.ALGO repair each Ice Machine. The account Estimated Liability for Warranties had a balance of $120,000 on January 1. Polar incurred $170,000 in actual expenditures during the year. Required: 4. EX.09.07.ALGO Identify and analyze the effect of the events related to the warranty transactions during the year. 5. EX.09.09 The effect of recording the sales transaction: 6. EX.09.12.ALGO Activity Operating V Accounts Cash Increase, Sales Increase v 7. EX.09.13.ALGO Statement(s) Balance Sheet and Income Statement V 8. EX.09.11.ALGO Feedback Check My Work How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses Cash V No Entry V Sales V No Entry v Feedback Check My Work Partially correct The effect of recording estimated warranty cost: Activity Operating v Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - In Course Cer X Course , Cengas * 137714 * 137714 137715 Cengas & Cengas BI Aunt J. H.L The re: #% Aunt Je My Cit G instapc a Amazon G Instant About | Instant G estima + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator 1. EX.09.01 The effect of recording estimated warranty cost: Activity Operating V 2. EX.09.03.ALGO Accounts Warranty Expense Increase, Estimated Liability for Warranties Increase v 3. EX.09.04.ALGO Statement(S) Balance Sheet and Income Statement v 4. EX.09.07.ALGO Feedback 5. EX.09.09 Check My Work 6. EX.09.12.ALGO How does this entry affect the accounting equation? 7. EX.09.13.ALGO If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. 8. EX.09.11.ALGO Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses No Entry V Estimated Liability for Warranties v No Entry V Warranty Expense v Feedback Check My Work Partially correct The effect of recording actual warranty cost: Activity Operating V Accounts Estimated Liability for Warranties Decrease, Cash Decrease v Statement(s) Balance Sheet only v Feedback Check My Work Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for GradingMail - In Course Cer X Course , Cengas * 137714 * 137714 137715 Cengas Cengas BI Aunt J. H.L The re: #% Aunt Je W My Cit G instapc a Amazon G Instant About t Instant G estima + C A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false N Chapter 9 eBook Show Me How Video Calculator 1. EX.09.01 The effect of recording actual warranty cost: Activity Operating V 2. EX.09.03.ALGO Accounts Estimated Liability for Warranties Decrease, Cash Decrease v 3. EX.09.04.ALGO Statement(S) Balance Sheet only v 4. EX.09.07.ALGO Feedback 5. EX.09.09 Check My Work 6. EX.09.12.ALGO How does this entry affect the accounting equation? 7. EX.09.13.ALGO If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. 8. EX.09.11.ALGO Balance Sheet Income Statement Stockholders' Assets Liabilities Equity Revenues Expenses Cash v Estimated Liability for Warranties v No Entry V No Entry V Feedback Check My Work Partially correct Determine the adjusted ending balance in the Estimated Liability for Warranties account. $ Feedback Check My Work Set up T account for Estimated Liability for Warranties account, start with the beginning balance, record the current year transactions and calculate ending balance. Feedback Progress: 8/8 items Check My Work Previous Assignment Score: 74.03% Email Instructor Save and Exit Submit Assignment for Grading