Part 1 Okanagan Retrigeration manufactures and markets commercial refrigeration systems for food trucks and specialized transport trucks. It was disclosed in notes to the company's financial statements that estimated warranty costs are accrued at the time products are sold. Assume that in 2020 warranty costs are estimated at $334 000 and that the related warranty work was actually paid for during 2021 Required: Prepare Journal entry to show the effect on financial statements due to warranties in 2020 and 2021 View transaction list Journal entry worksheet Record the effect on financial statements due to warranties in 2020 Not: Enter debts before credits General Journal Date December 31, 2020 Debit Credit Part 2: Assume that Fabfit Enterprises collected $2.140,000 during 2020 for fitness magazines that will be delivered in future years. During 2021, Fablit delivered magazines based on these subscriptions amounting to $2,025,000 Required: Prepare journal entry to show the effect on financial statements in 2020 and 2021 by these subscriptions. Vlow transaction list Journal entry worksheet 2 1 Record the effect on financial statements due to warranties in 2020 Tote: Eriter det tredits General Journal Debit Credit December 31, 2020 Record entry Clear entry View general journal