Exercise 11-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier (that costs $6,500) for $13,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 6% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $129 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 12 Warranty expense 2. How much is the estimated warranty liability for this Estimated warranty liability view transaction IST Journal entry worksheet 1 2 3 4 Record the sale of a copier for $13,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date Aug 16 Record entry Clear entry View general journal 0 CX] Nom PL w 9 e 6 Journal entry worksheet 2 B B x NE OM P9 w Journal entry worksheet Le 10 (x) Nom Pwla Journal entry worksheet On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $129 for materials taken from the repair parts inventory. Record the cost of the repair. Note: Enter debits before credits. General Journal Debit Credit Date Jan 05 Record entry Clear entry View general journal X 0P WE