Please answer the question in it's entirety.
Woodmier Lawn Products introduced a new line of commercial sprinklers in 2017 that carry a one-year warranty against manufacturer's defects. Because this was the first product for which the company offered a warranty, trade publications were consulted to determine the experience of others in the industry. Based on that experience, warranty costs were the sprinklers in 2017 were $3.2 million. Accordingly, the following entries relating to the contingency for warranty costs were recorded during the first year of selling the product: expected to approximate 1 % of sales. Sales of General Journal Debit Credit Accrued liability and expense Warranty expense (1% x $3,200,000) Estimated warranty liability 32,000 32,000 Actual expenditures (summary entry) Estimated warranty liability Cash, wages payable, parts and supplies, etc. 16,000 16,000 In late 2018, the company's claims experience was evaluated and it was determined that claims were far more than expected-2 % of sales rather than 1% Required: 1. Assuming sales of the sprinklers in 2018 were $4.3 million and warranty expenditures in 2018 totaled $95,000, prepare any journal entries related to the warranty. 2. Assuming sales of the sprinklers were discontinued after 2017, prepare any journal entry(s) in 2018 related to the warranty. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Assuming sales of the sprinklers in 2018 were $4.3 million and warranty expenditures in 2018 totaled $95,000, prepare any journal entries related to the warranty. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 Record the accrued liability and expense Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Required 1 Required 2 Assuming sales of the sprinklers in 2018 were $4.3 million and warranty expenditures in 2018 totaled $95,000, prepare any journal entries related to the warranty. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 2 Record the actual expenditures. Note: Enter debits before credits. General Journal Event Debit Credit 2 Record entry Clear entry View general journal Required 2 Required 1 Assuming sales of the sprinklers were discontinued after 2017, prepare any journal entry(s) in 2018 related to the warranty. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record the actual expenditures (summary entry). Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal
