Early in 2020, Kingbird Equipment Company sold 500 Rollomatics at $6,100 each. During 2020, Kingbird spent $21,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All sales transactions are on a cash basis. (a) Your answer has been saved. See score details after the due date. Prepare 2020 entries for Kingbird. Assume that Kingbird estimates the total cost of servicing the warranties in the second year will be $34.000. (if no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date Cash 3050000 3050 Sales Revenue Warranty Expense 32020 21000 Cash Supplles Wages Payable 211 1, 2020 Warranty Expense 34000 Warranty Liability 341 eTextbook and Media List of Accounts Attempts: 1 of 1 used (b) Prepare 2020 entries for Kingbird assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total $56,000 relates to sales of warranty contracts Warranty costs incurred in 2020 were $21,000. Estimate revenues to be recognized on a straight-line besis (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, eg. 1.54657 answers to O decimal places, eg. 5,125. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit CI (To record warranty revenue)