PLEASE BE ORGANIZED AND AMSWER ALL PARTS ON THIS ONE QUESTION. I will upvote

The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024 . Classical's fiscal year ends on December 31. Financlal statements are issued in April 2025. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2024. Actual warranty expenditures were $30,800 and were recorded as warranty expense when incurred. 2. Although no customer accounts have been shown to be uncollectible, Classical estimates that 2% of credit sales will eventually prove uncollectible. 3. In December 2024 , the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $1.5 million in penalties. 4. Classical is the plaintiff in a $4 million lawsuit filed against a supplier. The suit is in final appeal and attorneys advise that it is virtually certain that Classical will win the case and be awarded $2.5 million, an amount that is material to Classical. 5. In November 2024 , Classical became aware of a design flaw in an industrial saw that poses a potential electrical hazard. A product recall appears unavoidable. Such an action would likely cost the company $500,000. 6. Classical offered $25 cash rebates on a new model of jigsaw. Customers must mail in a proof-of-purchase seal from the package plus the cash register receipt to receive the rebate. Experience suggests that 60% of the rebates will be claimed. Ten thousand of the jigsaws were sold in 2024. Total rebates to customers in 2024 were $105,000 and were recorded as promotional expense when paid. Required: 1-a. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. 1-b. Indicate whether a disclosure note is needed for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. Note: If no entry is required for a transaction/event, select " No journal entry required". in the first account field. Enter your ansv whole dollars. Required: l-a. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. 1-b. Indicate whether a disclosure note is needed for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your ansy whole dollars. Journal entry worksheet 6 Record any necessary year-end entry related to the warranties. Note: Enter debits before credits. 1-a. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. 1-b. Indicate whether a disclosure note is needed for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your ansv whole dollars. Journal entry worksheet 56 Record any necessary year-end entry related to uncollectible accounts.: Note: Enter debits before credits. 1-a. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies 1-b. Indicate whether a disclosure note is needed for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your ansv whole dollars. Journal entry worksheet Record any necessary year-end entry related to clean air law violations. Note: Enter debits before credits. 1-a. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. 1-b. Indicate whether a disclosure note is needed for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your ansv whole dollars. Journal entry worksheet