Lilac Buys, Inc offers a 1-year assurance-type warranty on each television sold. The company also sells a 3-year service-type warranty contract for its televisions. On January 1, 2019, Lilac Buys sold $450,000 of service-type warranties and received cash The service-type war are effective immediately and cover the period from January 1, 2019, through December 31, 2021 Lilac Buys incurred costs of $96,000 in 2020 related to the warranties $60,000 of this cost was for parts and the remaining S36 000 was for labor (unpaid). Provide the necessary to account for the service-type warranty contract over the January 1, 2019, through December 31, 2021, period. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the journal entry for service type warranty contract sales for January 1, 2019 Account January 1, 2019 Cash Warranty Expense Contingent Warranty Liability Next, record the entry to recognize the contract revenue for 3 years subsequent to the sale of the service-type contracts December 31, 2019, Account 2020 and 2021 Now, record the actual expenses incurred in 2020. Account During 2020 Choose from any list or enter any number in the input fields and then continue to the next question 2:43