Operating Liabilities and contingencies Narranty abity. AssuranceType Warranty, Acrul and Cash Basis Approach Cole Electronics, Inc. mat ures and distributes LCD television. Every television manuactured by Cole carries an assurance type warranty covering all parts and labor to protect against detects for a 2 year period. The company's sales isted and actual costs are presented below First Year after the salle Second Year after the Sale Current Year $ 10.000.000 Estimated warranty Co of sales Actual costs: Parts Cats Laborcos paid Total repair costs 150,000 $ 148,000 218.000 $ 230,000 use the blue shaded areas on the INTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction ab you will be marked wrong. Requirements Prepare the journal entries for each year under the warranty auming that Cole uses the cash bass a Enter all amounts as positive values. Do not use a minus signor parentheses for any values to be subtracted Check your spelling carefully and do not abbreviate Use cell references from prior calculations, if applicable d. Record debts first, then credits. Exclude explanations from ournal entries. Do not record the company's original sales amount 2 Prepare the journal entries required to record the events related to the warranty using the could Consider this situation independently from the previous one Enter all amounts as positive values. Do not use a min o r parentheses for any values to be subtracted Check your spelling carefully and do not abbreviate d e l references from prior calculations applicable Record debitstrst, then credits. Eidude explanations from journal entries. Do not record the company's Original sales amount 1. Prepare the journal entries for each year under the warranty assuming that Coles the cash basis Always use all references and formulas where appropriate to receive credit. If you cov/paste from the Instruction tab you will be marked wrong. Use cilleterences from prior calculations, applicable First Year after the Sale Accounts Debit Credit Second Year after the Salle Accounts Debit Credit 2. Prepare the journal entries required to record the events related to the warranty using the accrual basis (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Use cell references from prior calculations, if applicable) Current Year Debit Accounts Credit First Year after the Sale Accounts Debit Credit Second Year after the Sale Accounts Debit Credit