Be sure to answer all three parts of this question, and to format your entries appropriately. Phoebe Inc. sells 100,000 units of its specialty product in March 2022. They provide a one-year warranty to all their customers. Their experience is that 4% of the units will be returned for repairs. They will use $20 of inventory to make repairs. a. Prepare the entry to record the warranty liability at March 2022. b. Assume that the company's prediction of returned units comes true in the following January 2023. Prepare the appropriate journal entry. c. What is the effect of the January 2023 warranty claim on net income in 2023 ? Note: Make sure to format your entries properly, whether you are using a table or plain text entry. Be sure to answer all three parts of this question, and to format your entries appropriately. Phoebe Inc. sells 100,000 units of its specialty product in March 2022. They provide a one-year warranty to all their customers. Their experience is that 4% of the units will be returned for repairs. They will use $20 of inventory to make repairs. a. Prepare the entry to record the warranty liability at March 2022. b. Assume that the company's prediction of returned units comes true in the following January 2023. Prepare the appropriate journal entry. c. What is the effect of the January 2023 warranty claim on net income in 2023 ? Note: Make sure to format your entries properly, whether you are using a table or plain text entry