Assurance-Type Warranty Chart of Accounts General Journal Balance Sheet Next Level Instructions Clean-All Inc. sells washing machines with a 3-year assurance-fpe warranty. In the past, Clean-All has found that in the year after sale, warranty costs have been 3% of sales; in the second year after sale, 5% of sales; and in the third year after sale, 7% of sales. The following data are also available: Warranty Year Sales Expenditures 2019 $540,000 $66,960 2020 660,000 83,160 2021 720.000 87,120 Required: 1. Prepare the journal entries for the preceding transactions for 2019-2021 Closing entries are not required 2. What amount would Clean-All report as a liability on its December 31, 2021, balance sheet, assuming the lability had a balance of $89,200 on December 31, 2018