On January 1, 2020, Ivanhoe Ltd. sold on account 800 units of its product for a total price of $553,000 with a warranty guarantee that the products were free of any defects. The products have a one-year assurance-type warranty and Ivanhoe estimates that the cost will be $26,200. The cost of the units is $457,000. In addition, the company sold extended warranties related to 300 units for a one-year period beyond the one-year assurance period at a cost of $14,700, By the company's year-end, December 31, 2020, no warranty costs were incurred. By the company's year-end, December 31, 2021. $9.345 of warranty costs were incurred and paid in cash Prepare the appropriate journal entries for 2020 and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Cred January 1/20 (To record the sale) (To record the cost of goods sold) I (To close out unused warranty December 31/21 (To record warranty costs)