On January 2,2025, Cullumber Company sells production equipment to Ivanhoe inc for $54,000. Cullumber includes a 2-year assurance warranty service with the sale of all its equipment. The customer recelves and pays for the equipment on January 2,2025. During 2025. Cullumber incurs costs related to warranties of $860. At December 31,2025 , Cullumber estimates that $650 of warranty costs will be incurred in the second year of the warranty. 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.)