Flag questi Recording and Reporting Warranties During 2020, Ward Company introduced a new product carrying a three-year warranty against defects, which has a separate purchase price. The company collected $10,000, and $17,500 for this extended warranty feature in the years 2020 and 2021, respectively. The company uses straight-line recognition of warranty revenue. The estimated warranty costs are 2% of sales within the first 12 months following the sale and 4% in the second 12 months following the sale. For simplification, assume that sales occurred at the first of the year. Sales and actual warranty expenditures for the years ended December 31, 2020, and 2021 are Sales 2020 $300.000 2021 500,000 1800.000 Actual Warranty Expenditures $4.500 15.000 $15.500 a. Record the journal entries required for (1) the sale of the products and warranties on credit, (2) incurred warranty costs, and C) recognition of warranty revenue for 2020 and 2021 Note: List multiple debits or credits (when applicable) in alphabetical order Note: Round your answers to the nearest whole dollar. Date 12020 Account Account Name Deferred Warranty Revenue Sales Revenue Tacant sale at ducts and warranties 2 2020 Wamanty Expense Accounts Recev Tainant incarada costs 32020 Deferred Warranty venue Wamanty 12021 Account Deferred Warranty Revenue Spies Revenue F To cont sale of nooducts and wariani Dr. Cr.