Jonus Bike Inc., manufactures and sells high-end bicycles. Each bicycle that the company sells comes with a 5 year unlimited warranty. Based on past experience, Ionus' accountant estimates that for every $3,000 worth of sales, Jonus will have to pay out $63 in warranty costs. Do not enter dollar signs or commas in the input boxes a) This year, Jonus Bike Inc. had sales of $1,200,000. First, calculate the estimated warranty costs based on the accountant's analysis. Date Account Title and Explanation DR CR Dec 31 Record warranty liability b) As part of the warranty program, Jonus had to make repairs to the seat post of 23 bicycles that he sold. Jonus spent $1,490 cash. Prepare the journal entry to record this transaction Date Account Title and Explanation DR CR Dec 31 Record warranty repairs On February 1, 2015, Fickle Feline Inc. declared $206,000 of dividends payable to shareholders on March 3, 2015. There are 23,000 common shares worth $920,000 and 11,800, $1.25 cumulative preferred shares worth $578,200. No new shares were issued during the year and dividends were last declared in 2013. The company had retained earnings of $2,499,000 at the beginning of the accounting period and earned a net income of $736,000 during the year. Write the journal entry to record the declaration and subsequent payout of the dividends. The company uses the cash dividends method to record dividends. Do not enter dollar signs or commas in the input boxes for transactions that have 2 debits or credits enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Feb 1 . Record dividend payable Mar e Record payment of dividend declared on Feb 1