Check my work Volvo Group reports the following information for its product warranty costs as of December 31, 2014, along with provisions and utilizations of warranty liabilities for the year ended December 31, 2014 (SEK in millions). Provision for product warranty Warranty provisions are estimated with consideration of historical claims statistics, the warranty period, the average time-lag between faults occurring and claims to the company and anticipated changes in quality indexes. are sold. Differences between actual warranty claims and the estimated claims generally affect the recognized expense and provisions in future periods. Refunds from suppliers, that decrease the Volvo Group's warranty costs, are recognized to the extent these are considered to be certain. As of December 31, 2014 (2013) warranty cost provisions amount to 10.583 (9,881. Product warranty liabilities, Decenber 31, 2013 Additional provisions to product varranty liabilities veilizations and reductions of product warranty 1iabilities SEK 9,881 7,836 17.1341 10,583 Product varranty liabilities, Decenber 31, 2014 1. & 2. Prepare Volvo's journal entry to record its estimated warranty liabilities (provisions) and costs (utilizations) related to its warranty program for 2014. Assume those costs involve replacements taken out of inventory, with no cash millions of SEK.) involved. (Enter your answers in Journal entry worksheet Record Volvo's estimated warranty liabilities (provisions) for 2014. Note: Enter debits before credits. Debit Credit Transaction K Prev 15 of 15 Next