On February 1, 2020, Alberta Company sold a machine (that costs $6.500) for $13.000 cash with a two-year parts wan Company expects warranty costs to be 3% of dollar sales. It records warranty expense with an adjusting entry on De March 31, 2021, the machine is repaired under warranty with a cost of $103 for materials taken from the repair parts Required: 1. How much warranty expense does the company report for this copier in 2020? Warranty expense 2. How much is the estimated warranty liability for this copier as of December 31, 2020? Estimated warranty liability ow much is the estimated warranty liability for this copier as of December 31, 2021? ated warranty liability 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on Decemb and (c) the repairs that occur on March 31, 2021. View transaction list Journal entry worksheet < 1 2 3 4 Record the sale of a copier for $13,000 cash. On February 1, 2020, Alberta Company sold a machine (that costs $6,500) for $13,000 cash with a two-year parts warranty. Alberta Company expects warranty costs to be 3% of dollar sales. It records warranty expense with an adjusting entry on December 31. On March 31, 2021, the machine is repaired under warranty with a cost of $103 for materials taken from the repair parts inventory. Required: 1. How much warranty expense does the company report for this copier in 2020? Warranty expense 2. How much is the estimated warranty liability for this copier as of December 31, 2020? Estimated warranty liability 3. How much is the estimated warranty liability for this copier as of December 31, 2021? Estimated warranty liability 4. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31, 2020; and (c) the repairs that occur on March 31, 2021. View transaction list Journal entry worksheet 1 23 Record the sale of a copier for $13,000 cash. Note: Enter debits before credits. Date Feb 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Record the cost of goods sold of $6,500. Note: Enter debits before credits. Date Feb 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the estimated warranty expense at 3% of the sales. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 On March 31, 2021, the machine is repaired under warranty with a cost of $103 for materials taken from the repair parts inventory. Record the cost of the repair. Note: Enter debits before credits. Date Mar 31 General Journal Debit Credit Record entry Clear entry View general journal