fix the ones in red

Landcaster Inc. sells its products with a 2-year service-type warranty. On January 1, Year 1 , Landcaster sells 60 machines for $2,500 each, on account. Landcaster determines that the machines normally sell for $2,275 each and the service-type warranty could be purchased for $225 per machine. In Year 1. Landcaster pays $5,000 for warranty costs. Requlred: Prepare Landcaster's joumal entries related to the sales and warranty in Yoar 1. How does groding work? PNGE 1 in Yoar 1 , Prepare the necessary journal entries to record: 1. The sale of 60 machines on account on January 1 2. The warranty costs paid during the year 3. The warranty revenue earned in Year 1