Early in 2020, Monty Equipment Company sold 600 Rollomatics at $5,900 each. During 2020, Monty spent $21,000 servicing the 2- year assurance warranties that accompany the Rollomatic. All sales transactions are on a cash basis. (a) Your answer is correct. Prepare 2020 entries for Monty. Assume that Monty estimates the total cost of servicing the warranties in the second year will be $33,000. (If no entry is required, select "No Entry" for the account titles and enter Ofor 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.) Date Account Titles and Explanation Debit Credit At Sale Cash 3540000 Sales Revenue 3540001 During 2020 Warranty Expense 21000 Cash, Supplies, Wages Payable 21001 Dec. 31, 2020 Warranty Expense 33000 Warranty Liability 33001 Prepare 2020 entries for Monty assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $55,000 relates to sales of warranty contracts. Warranty costs incurred in 2020 were $21,000. Estimate revenues to be recognized on a straight-line basis. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, e.g. 1.54657 answers to 0 decimal places, e.g. 5,125. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit