On January 2, 2020, Sarasota Company sells production equipment to Fargo Inc. for $48,000. Sarasota 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, Sarasota incurs costs related to warranties of $930. At December 31, 2020, Sarasota estimates that $610 of warranty costs will be incurred in the second year of the warranty. 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 tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account tities and enter for the amounts.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Repeat the requirements for (a), assuming that in addition to the assurance warranty, Sarasota sold an extended warranty (service-type warranty) for an additional 2 years (2022-2023) for $840. (Credit account tities 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 for the amounts.) Date Account Titles and Explanation Debit Credit