Carnes 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, Comes received $444,000 for these extended warranties (approximately evenly throughout the year) Required: 1-a. Does this situation represent a loss contingency? 1.b. How should it be accounted for? 2. Prepare journal entries that summarize sales of the extended warranties and any aspects of the warranty that should be recorded during the year Book Complete this question by entering your answers in the tabs below. Reg LA Reg 18 Reg2 Does this situation represent a loss contingency? Loss contingency Reg 18 > this question by entering your answers in the tabs below. Reg 1A Req Reg 2 How should it be accounted for? Revenue is deferred as a and warranty axpense is computed using the in 2021 View transaction list Journal entry worksheet