On January 2, 2025, Ivanhoe Company sells production equipment to Kingbird Inc, for $48,000. Ivanhoe includes a 2 -year assurance warranty service with the sale of all its equipment. The eustomer recelves and pays for the equipment on January 2, 2025. Durfing 2025. Ivanhoe incurs costs related to warranties of $910. At December 31, 2025, Ivanhoe estimates that $660 of warranty costs will be incurred in the second year of the warranty. (a) Prepare the journal entry to record this transaction on January 2, 2025, and on December 31, 2025 (assuming financial statements are prepared on December 31,2025). (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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Repeat the requirements for (a), assuming that in addition to the assurance warranty, Ivanhoe sold Kingbird an extended warranty (service-type warranty) for an additional 2 years (20272028 ) for $820. (Credit occount titles are outomotically 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. Ust all debit entries before credit entries, Record journal entries in the order presented in the problem.)