Hi, please help with the question and provide the detailed solution of how you get them. Please make sure to both answer the journal for 2016 and 2017. Thank you!

Prepare two journal entry. (please make sure to answer them all)

1.1 Prepare journal entries to record above transactions and adjustments for 2016.

1. Record the sales revenue of 70 razors for $4,200 cash.

2. Record the cost of goods sold for 70 razors.

3. Record the estimated warranty expense at 5% of November sales.

4. Record the replacement of 14 razors that were returned under the warranty.

5. Record the sales revenue of 210 razors for $12,600 cash.

6. Record the cost of goods sold for 210 razors.

7. Record the replacement of 28 razors that were returned under the warranty.

8. Record the estimated warranty expense at 5% of December sales.

1.2 Prepare journal entries to record above transactions and adjustments for 2017.

1. Record the sales revenue of 140 razors for $8,400 cash.

2. Record the cost of goods sold for 140 razors.

3. Record the replacement of 33 razors that were returned under the warranty.

4. Record the adjusting entry for warranty expense for the month of January 2017.

Required information Problem 11-4A Warranty expense and liability estimation LO P4 The following information applies to the questions displayed below. On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $60 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 5% of dollar sales. The following transactions and events occurred. 2016 Nov. 11 Sold 70 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty 16 Sold 210 razors for $12,600 cash 29 Replaced 28 razors that were returned under the warranty 31 Recognized warranty expense related to December sales with an adjusting entry 2017 Jan. 5 Sold 140 razors for $8,400 cash 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry