nglass Chapter 11 2 https/ Volvo Group reports the following information for its product warranty costs as of December 31, 2014, along with provisions and utinizations of warranty Babilites for the year ended December 31, 2014 (SEK In mittions) Provision for product warranty Warranty provisions are estimated with consideration of historical claims statistics, the warranty penod, the average time-lag between foults occurring and claims to the company and anticipated changes in quality Indexes. Estimated costs for product warranties are recognized as cost of sales when the products are sold. Differences between actual warranty claims and the estimated claims generally affect the recognized expense and provisions in future perlods. Refunds from suppliers, that decrease the Volvo Group's warranty costs, are rec December 31, 2014 (2013) warranty cost provisions amount to 10.583 (9881) to the extent these are considered to be certain As of Product warranty liabilities, December 31, 2813 Additional provisions to product warranty 1iabilities Utilizations and reductions of product warranty liabilities ,134) Product warranty liabilities, December 31, 2014 SEX 9,881 7,836 1e,583 1.& 2 Prepare Volvo's journal entry to record its estsimated warronty llablites (provisions) and costs (unizations) related to ns to its warranty Assume those costs involve replacements token out of inventory, with no cosh involved (Enter your answers in milions of SEK) ournal entry worksheet acord Valvo's estimated varranty Sabilities (pravisions