Chan Ltd. sells refrigerators under a 3-year warranty contract that requires the company to replace defective parts and to provide the necessary repair labor. On January 1 2020. Chan Ltd. sells for cash 200 refrigerators at a unit price of $5,000. On the basis of past experience, the 3-year warranty costs are estimated to be 5280 for parts and 5120 for labor per unit. The actual warranty costs incurs in 2020 is $ 20,000 (56,000 labor costs and $14,000 for parts costs). (3) Record the sales entries of refrigerators on January 1 2020.- (b) Record the actual warranty costs incurred in 2020 Record the adjusting entry for the warranty expense on December 31 2020. (d) Determine the amount of liability relative to these transactions would appear on the December 31, 2020 statement of financial position and how would it be classified? (Assume the settlement of the remaining liability related to these transactions are spread evenly for the remaining warranty years) Record the actual warranty costs incurred (54,500 for labor cost and $10,500 for parts costs) in 2021