Hitzu Company sold a copler (that costs $7,500 ) for $15,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2. the copler requires on-site repairs that are completed the same day. The repairs cost $109 for materials taken fiom the parts inventory. These are the only repairs required in Year 2 for this copler. 1. How much warranty expense does the company report for this copler in Year 1? 2. How much is the estumated warranty liability for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2 ? 4. Prepare journat entiles to record (a) the copler s sale. (o) the adjustment to tecognize the warranty expense on December 31 of Yeat 1. and (c) the repairs thot occur on Jonuary 5 of Year 2