Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against 14 manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 4% of sales. Sales and actual warranty expenditures for the rst year of selling the product were: Actual. warranty sales Expenditures $5,035,000 $43,250 01:25:15 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2021. 3. What amount should Cupola report as a liability at December 31, 2021? Complete this question by entering your answers In the tabs below. Required 1 Required 2 Required 3 Does this situation represent a loss contingency? Loss contingency Required 2 > Roman Destinations issues bonds due in 12 years with a stated interest rate of 4% and a face value of $430,000 Interest payments are made semi-annually. The market rate for this type of bond 16 is 3%. Using present value tab/es, calculate the issue price of the bonds. (FV of $1, PV of $1, FVA of $1, PVA of $3, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $310,203. 0 $473,064. 0 3430.000. 0 3391.547