Exercise 18-26 On January 2, 2020, Ivanhoe Company sells production equipment to Fargo Inc. for $48,000. Ivanhoe includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Ivanhoe incurs costs related to warranties of $910. At December 31, 2020, Ivanhoe estimates that $660 of warranty costs will be incurred in the second year of the warranty Prepare the journal entry to record this transaction on January 2, 2020, and on December 31, 2020 (assuming financial statements are prepared on December 31, 2020). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit BOWLIST OP MCCOUNTS LINK TO TY Repeat the requirements for (a), assuming that in addition to the assurance warranty, Ivanhoe old an extended warranty service-type warranty for an additional years (2022 2023 20 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If any rere any for the wees and enter for the amounts) Date Account Titles and Explanation De Cred Repeat the requirements for (a), assuming that in addition to the assurance warranty, Ivanhoe sold an extended warranty (service-type warranty) dr an oral 2 years (2022 2023) for $820. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the countles and entero for the amounts.) Date Account Titles and Explanation Det Credit