On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90 -day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retall selling price is $70. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $3,500cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. Deceaber 16 Sold 150 razors for $10,500 cash. December 29 Replaced 20 razors that were returned under the warranty. December 31 Rocognized warranty expense related to Decembor sales with an adjusting entry. January 5 Sold 100 razors for $7,000 cash. January 17 Replaced 25 razors that were returned under the warranty. January 31 Recognized warranty expense related to January aales with an adjusting entry. 2. How much warranty expense is reported for November and for December? 3. How much warranty expense is reported for January? 4. What is the balance of the Estimated Warranty Liability account as of December 31 ? 5. What is the balance of the Estimated Warranty Liability account as of January 31