Canes Electronics sells consumer electronics that carry a 90-day manufacturer's warranty. At the time of purchase, customers are offered the opportunity to also buy a two-year extended warranty for an additional charge. During the year, Carnes recelived $412,000 for these extended warranties (approximately evenly throughout the year) Required: 1-a. Does this situation represent a provision? O Yes 1-b. How should it be accounted for? at the time of sale, and recognized on Revenue is deferred as a liabil straight-line basis 2. Prepare journal entries that summarize sales of the extended warranties (assume all credit sales) and any aspects of the warranty that should be recorded during the year. (Round your answers to 2 decimal places.) General Journal Debit Credt the year Accounts receivable 412000 412000 Unearned revenue-extended warranties December 31 (adjusting entry) Unearned revenue-extended warranties Revenue-extended warranties References RAylA8 hovo