On January 2, 2020, Bramble Company sells production equipment to Fargo Inc. for $54,000. Bramble includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Bramble incurs costs related to warranties of $930. At December 31, 2020, Bramble estimates that $680 of warranty costs will be incurred in the second year of the warranty. (a) Your answer is correct. Prepare the journal entry to record this transaction on January 2, 2020, and on December 31, 2020 (assuming financial statements are prepared on December 31, 2020). (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 O for the amounts.) Date Account Titles and Explanation Jan. 2, 2020 Cash During 2020 Sales Revenue Warranty Expense Dec. 31, 2020 eTextbook and Media List of Accounts Cash, Labor, Parts Warranty Expense Warranty Liability Debit Credit 54000 930 680 Attempts: 3 of 10 used Repeat the requirements for (a), assuming that in addition to the assurance warranty, Bramble sold an extended warranty (service-type warranty) for an additional 2 years (2022-2023) for $820. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit