Problem 10-4A Estimated product warranty Ilabilities CHECK FIGURES: 2. $1,750;3.$40,600;4. $40,145 On November 10, 2023, Singh Electronics began to buy and resell scanners for $55 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $35. Singh estimates warranty costs based on 18% of the number of units sold. The following transactions occurred in 2023 and 2024 (ignore GST and PST): Required 1. How much warranty expense should be reported for November and December 2023 ? 2. How much warranty expense should be reported for January 2024 ? 3. What is the balance of the estimated warranty liability as of December 31, 2023? 4. What is the balance of the estimated warranty liability as of January 31,2024 ? 5. Prepare journal entries to record the transactions and adjustments (ignore sales taxes)