In 2024, Cap City Incorporated introduced a new line of televisions that carry a two-year warranty against manufacturer's defects. Based on past experience with similar products, warranty costs are expected to be approximately t\% of sales during the first year of the warranty and approximately an additional 3% of sales during the second year of the warranty. Sales were $6,000,000 for the first year of the product's life and actual payments for warranty expenditures were $29,000. Assume that all sales are on credit. Required: 1. Prepare journal entries to summarize the sales and any aspects of the warranty for 2024. 2. What amount should Cap City report as a liability at December 31,2024 ? Complete this question by entering your answers in the tabs below. Prepare journal entries to summarize the sales and any aspects of the warranty for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleid. Journal entry worksheet Record the entry for sales. Note: Enter debits before credits. Record the warranty accrual. Note: Enter debits before credits. Journal entry worksheet