Inc. 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 2% of sales during the first year of the warranty and aoproximately an additional 4% of sales during the second year or he warranty. Sales were $6,100,000 for the first year of the product's life and actual warranty expenditures were $30,000. Assume that all sales are on credit Required 1. Prepare journal entries to summarize the sales and any aspects of the warranty for 2018. 2. What amount should Cap City report as a liability at December 31, 2018? Complete this question by entes wers in the tabs below. Required 1Required 2 required for a transactio Prepare journal entries to summarize the sales and any aspects of the warranty for 2018. (If no entry is select "No journal entry required" in the first account field.) View transaction list K Prev30 of 39Next >