Comparison Mirrors, Ltd. offers a 3-year warranty on all its products. In Year 1, the company reported income before warranty expense of $560,000 and estimated that warranty repairs would cost the company $140,000 over the 3-year period. Actual repairs for the year amounted to $110,000. Comparison Mirrors' tax rate is 40%. Prepare the journal entries required to record the tax provision for Year 1. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not abbreviate.) Account Year 1 Enter any number in the edit fields and then continue to the next question Polks Manufacturing Company leased a piece of nonspecialized machinery for use in its operations from Hemlock Leasing on January 1. (Click the icon to view additional information.) Prepare Hemlock Leasing's journal entries at the commencement of the lease and at the end of the first year. A More Info Begin by classifying the lease agre Identify any of the Group I criteria Group 1 Criteria: 1. The lease transfers owners 2. The lessee is given an opt 3. The lease term is for a mai 4. The present value of the sy is equal to substantially all 5. The leased asset is of a sp 6. The lease does not meet The 6-year lease requires lease payments of $2,300 due on January 1 of each year. The machinery is estimated to have a 6-year life, is depreciated on the straight-line method, and will have no residual value at the end of the lease term. The present value of the lease payments using 11.5% and the asset's fair value on the date the lease is signed both equal $10,695. Hemlock paid fair value to acquire the equipment the day before lease commencement. The lessor's implicit rate of 11.5% is known to Polks. Collection of all lease payments is reasonably assured. prwise included in Print Done This is a(n) lease for the lessor (Hemlock Leasing) because of the Group criteria sare) m Now prepare the entry for Hemlock at the commencement of the lease on January 1. Exclude the first annual lease payment from this entry. We w payment in the next step. (Record debits first, then credits. Exclude explanations from any journal entries. Check your spelling carefully and do not Arrunt January 1 Year 1 Enter any number in the edit fields and then continue to the next