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Exercise 7-7A (Algo) Effect of warranty obligations and payments on financial statements LO 7.4 The Chair Company provides a 120-day parts-and-labor warranty on all merchandise it sells. The Chair Company estimates the warranty expense for the current period to be $1,140. During the period a customer returned a product that cost $855 to repair. Required: a. Show the effects of these transactions on the financial statements using a horizontal statements model, Indicate whether the event increases, decreases, or increases and decreases each element of the financial statements. In the Statement of Cash Flows column, designate the cash fiows as operating activities (OA), investing activites (IA), or financing activities (FA). Note: Leave cells blank if no input is needed. Exercise 7-9A (Algo) Financial statement effects of an installment note LO 7.5 Dan Dayle started a business by issuing an $93,000 face value note to First State Bank on January 1, Year 1. The note had a 6 percent annual rate of interest and a five-year term. Payments of $22,078 are to be made each December 31 for five years. Required: a. What portion of the December 31 , Year 1, payment is applied to interest expense and principal? b. What is the principal balance on January 1, Year 2 ? c. What portion of the December 31, Year 2, payment is applled to interest expense and principal? Note: Round your answers to the nearest dollar amount