Culver Corp. provides at no extra charge a two-year warranty with one of its products, which was first sold in 2023. In that year, Culver sold products for $2.02 million and spent $70,200 servicing warranty claims. At year end, Culver estimates that an additional $516,700 will be spent in the future to service warranty claims related to the 2023 sales. Prepare entries for the warranty that recognize the sale as a multiple deliverable with the warranty as a separate service that Culver bundled with the selling price of the product. Ignore any cost of goods sold entry. Sales in 2023 occurred evenly throughout the year. Warranty agreements similar to this are available separately, are estimated to have a stand-alone value of $616,000, and are earned over the warranty period as follows: 2023, 25\%; 2024, 50\%; and 2025, 25\%. Also prepare the entries to record the $70,200 expenditure for servicing the warranty during 2023 , and the adjusting entry required at year end, if any, under the revenue approach used for service-type warranties. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)