B D In 2019, Cap City Inc. introduced a new line of televisions that carry a two-year warranty against manufacturer's defects. Based on past experience with similar products, warranty costs are expected to be approximately 3% of sales during the first year of the warranty and approximately an additional 4% of sales during the second year of the warranty. Sales were $8,400,000 for the first 6 year of the product's life and actual warranty expenditures were $192,000. Assume that all sales are 7 on credit 8 Prepare journal entries to summarize the sales and any aspects of the warranty for 2019. 10 1. Prepare the journal entry to record the sales for December. 11 2. Prepare the journal entry to record the warranty expense for December. 12 3. Prepare the journal entry to record the warranty repair for December. 222 13 14 Date 15 16 17 24 25 26 29 2282283 20 Account Debit Credit What is the balance in the Warranty Liability account at the end of 2019? F G