Hawk Carts makes and sells golf carts. They give a 1-year warranty which guarantees that if a golf cart has a minor fault within 1 year of purchase, it will be repaired. In addition, if a golf cart has a major fault within 1 year of purchase it will be replaced. Based on the previous 10 years' trading data they estimate that 6% of the sales value will have a minor fault and require repairs and 2% of the sales value will have a major fault and require replacement. Total sales up to 30 June 2020 were $2,800,000. For the year ended 30 June 2021 Hawk Carts paid cash of $142,000 to repair golf carts with minor faults and replaced $27,500 of goods from golf cart parts that had major faults, all of which was warranty work. Required 1. Calculate below the estimate of the Provision for Warranty as at 30 June 2020 and prepare the journal entry to record the estimate at 30 June 2020. (1 mark) 2. Prepare the journal entry as at 30 June 2021 to record the warranty work for repair of minor faults for cash and the replacement from inventory of golf cart parts that had major faults. (2 marks)