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4. Easy Company provided the following information on December 31, 2020: Notes payable: Trade 3,000,000 Bank loans 2,000,000 Advances from officers 500.000 Accounta payable-trade 4,000,000 Bank overdraft 300.000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800.000 Estimated warranty liability 600,000 Estimated damages payable by reason of breach of contract 700,000 900,000 Estimated premium liability 200,000 Claim for increase in wages by employees covered in a 3,500,000 Cantrnet entered into for the construction of building 5,000,000 Required: Compute the total current liabilities on December 31, 2020. 5. Socorro Company sells color television sets with a two-year repair warrsety The sale price for each set is P15,000. The average repair cost per set is P800. Research has shown that 20% of all sets sold are repaired in the first year and 40% in the second year. 2020 2021 Number of sets sold 300 500 Total payments for warranty repairs 40,000 150,000 Required: 1. Prepare journal entries in connection with the warranty using the expense as incurred" approach. 2. Prepare journal entries in connection with the warranty using the accrual approach. 3. Determine the estimated warranty liability on December 31, 2021 4. Analyze the estimated warranty liability account to ascertain whether actual warranty costs approximate the estimate. The sales and warranty repairs are made evenly during the year. 6. Prepare journal entry to correct the estimated warranty liability on December 31, 2021