Cupola Awning Corporation introduced a new line of commercial awnings in 2024 that carry a two-year warranty ogainst 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 first year of selling the product were: Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entrios that summarize sales of the awnings (assume all credit soles) and any aspects of the warranty that should be recorded during 2024. 3. What amount should Cupola report as a lability at December 31,2024 ? Complete this question by entering your answers in the tabs below. Does this stustion represent a loss contingency