How do i calculate?
Hitzu Co. sold a oopier [that costs $4,500) for $9,000 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 copier requires on-site repairs that are completed the same day. The repairs cost $118 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this oopier. 1. How much warranty expense does the company report for this copier in Year 1'? 2. HOW much is the estimated 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. Preparejournal entries to record {a} the copier's sale; [b] the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. View transaction list Journal entry worksheet Record the sale of a copier for $9,000 cash. Note: Enter debits before credits. 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. View transaction list Journal entry worksheet Record the estimated warranty expense at 5% of the sales. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. View transaction list Journal entry worksheet 3 On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $118 for materials taken from the repair parts inventory. Record the cost of the repair. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Cash 118 Repair parts inventory 118 Record entry Clear entry View general journal