During 20X1, the company recorded sales revenues of $1,480,000 from the sales of screens. It also sold 560 extended warranty contracts during the year. Consider that both the sales of the screens and the extended warranty contracts were made for cash. During the year, it incurred some actual costs associated with the standard warranties related to the 20X1 sales of screens. The cost for parts were 150% of the labor costs. On December 31,20X1, FP reported the following: Cu FP incurred actual costs associated with the standard warranties related to the 20X1 sales of screens, in 202 amounting to $17,700 and the cost for parts therein amounted to $11,800. It further incurred actual costs associated with the extended warranty contracts which were consistent with what the company had expected to incur. Required: 1. Determine the selling price for each extended warranty contract. 2. Present all journal entries to be prepared, in proper format, in 20X1 in order to record all of the warranty related transactions and adjustments for 20X1. 3. Present all journal entries to be prepared, in proper format, in 202 in order to record all of the transactions related to the standard warranties of 20X1. 4. Present all journal entries to be prepared, in proper format, in 202 in order to record all of the transactions related to the extended warranties of 20X1. 5. What liabilities related to warranties, would be reported on the December 31,202 Balance Sheet. Show how these would be classified