Macrosoft Company sells a line of computers that carry a basic manufacturers warranty. In addition, customers are offered the opportunity to buy a two-year service-type (extended) warranty for an additional charge. The extended warranty period begins on the date of the product sale. In 2021: (1) Macrosoft sold $320,000 of these extended warranties (all on credit, all on January 1 [silly assumption, I know, but Im trying to make the accounting easier in this problem]), and (2) actual expenditures under the extended warranties were $17,250, of which $15,000 was for parts (in inventory) and $2,250 was for labor (not paid as of 12/31). Required Prepare journal entries to record all activity related to these extended warranties in 2021.