At the beginning of 2021, ABC Corporation began offering a two-year warranty on its products. The warranty program was expected to cost ABC 3% of net sales. At the beginning of 2022 the balance in the warranty liability account was credit of $5.8 million.

Net sales made under warranty in 2022 were $200 million. The actual cost of repairs or replacements for 2022 was $6.1 million.

1. Record the summary journal entry for the actual warranty claims for 2022?

2. Record the summary journal entry for the accrual of warranty expense for 2022?

3. What is the final balance of the warranty liability at the end of 2022?