On January 1, 2023, Crane Ltd. sold on account 1,000 units of its product for a total price of $545,000 with a warranty guarantee that the products were free of any defects. The products have a one-year assurance-type warranty and Crane estimates that the cost will be $23,600. The cost of the units is $481,000. In addition, the company sold extended warranties related to 700 units for a one-year period beyond the one-year assurance period at a cost of $15,900. By the company's year-end, December 31, 2023, no warranty costs were incurred. By the company's year-end, December 31, 2024, $9,545 of warranty costs were incurred and paid in cash. Prepare the appropriate journal entries for 2023 and 2024.