Duong-Burnett Products introduced a new line of commercial sprinklers in 2023 that carry a one-year warranty against manufacturer's defects. Because this was the first product for which the company offered a warranty, trade publications were consulted to determine the experience of others in the industry. Based on that experience, warranty costs were expected to approximate 3% of sales. Sales of the sprinklers in 2023 were $3,450,000. Accordingly, the following entries relating to the contingency for warranty costs were recorded during the first year of selling the product: In late 2024, the company's claims experience was evaluated and it was determined that claims were far more than expected-4\% of sales rather than 3%. Required: 1. Assuming sales of the sprinklers in 2024 were $4,550,000 and warranty expenditures in 2024 totaled $116,500, prepare any journal entries related to the warranty. 2. Assuming sales of the sprinklers were discontinued after 2023, prepare any journal entries in 2024 related to the warranty