Computers sells computers and offers an assurance-type warranty that a(Click the icon to view additional information.) covers all repair costs, including parts and labor, for one year after the date of purchase. Omicron also sells a service-type warranty contract that covers all parts and labor for three years after the base warranty expires. The company estimates that the service-type warranty will be used 48% in the first year, 40% in the second, and 12% in the third year of the contract Requirement Prepare the journal entries required to record the effects of offering the service-type warranty contract in the year of the sale and during the following year (Record debits first, then credits. Exclude explanations from any journal entries First, prepare the journal entry to record the cash receipt for the se ce-type warranty during the year of sale (Click the icon to view additional information.) In the year in which the computers were sold, the company also sold 10,700 service-type warranties at a price of $210 per contract, and received cash Omicron sold the contracts at the end of the year and did not recognize any warranty revenue in the year of the sale. The firm did not make any actual repairs in the year of the sale covered by the assurance-type warranty. During the following year, the company incurred $52,000 in actual warranty claims that are now only covered under the service-type warranty contract. The repair costs included $33,500 in parts and $18,500 in labor (unpaid) Account Year of the Sale Now, prepare the journal entry to record the service-type revenue recognized at the end of the year after the sale. Do not record the entry for the actual cost of repair. We will do that in the next step Account Year after the Sale Finally, prepare the journal entry to record the actual cost of repairs under the service-type warranty contract. Account Year after the Sale