iPad FT11:19 100% 6.25 points Volvo Group reports the following information for its product warranty costs as at December 31. 2008, along with provisions and utilzations of warranty liabilities for the year ended December 31, 2008 (SEK in milions) Product warranty costs Estimated costs for product warranties are charged to cost of sales when the products are sold. Estimated warranty costs include contractual warranty and goodwill warranty, Warranity provisions are estimated with consideration of historical claims statistics, the warranty peniod, the average time-lag between fauits occurring and claims to the company, and anticipated changes in quality indexes. Diflerences between actual warranty claims and the estimated dlaims generaly afect the recognized expense and provisions in future peniods. At December 31, 2008, warranty cost provisions amounted to 10,354 Product warranty liablities, December 31, 2007 Additional provisions to product warranty labiies Utlizations and reductions of product warranty liabilities SEK 9,373 6.201 5,220) Product warranty liablities, December 31, 2008 1 Prepare Vovo's journal entry to recond its estimaned warramy lablites (provisions) for 2008. (Enter your answers in millions. Omit the "SEK sign in your response) General Journal 2. Prepare Volve's journal entry to necord its costs (uslications) related to its warranty program fr 2008. Assume those costs involve replacements taken out of Inventory with no cash involved. Enter your answers in millions. Omit the "SEK sign in your responsel General Journal o select) 3. How much warranty experse does Volvo report for 2008? (Enter your answer in millions. Omit the SEK sign in your response.) Hints References Hotel