Martinez sells refrigerators with a two-year warranty attached. The company estimates that the warranty cost is $45 per refrigerator sold and reported a liability for estimated warranty costs of $180,000 at the beginning of this year.

During the current year, the company sold 6,000 units, costing $3 million, for a total of $4.8 million on account. It also paid warranty claims of $160,000 on current and prior year sales.

1. Prepare the (aggregate) journal entry to record the sale of the 6,000 units.

2. Prepare the (aggregate) journal entry to record the payment of warranty claims.

3. Prepare the adjusting journal entry associated with warranties.

4. What is the balance in the warranty liability account on the year-end balance sheet?

URGENT PLEASE HELP