Brief Exercise 13-14 (Part Level Submission) Part III) Flint Corporation sells DVD players. The corporation also offers its customers a 2-year warranty contract. During 2017, Flint sold 20,000 warranty contracts at $126 each. The corporation spent $178,000 servicing warranties during 2017, and it estimates that an additional $890,000 will be spent in the future to service the warranties. Prepare Flints journal entry for the recognition of warranty revenue. Assume the service costs are inventory costs.