Problem 5 In 2019, Beginner Pottery Company began selling a new calculator that carried a two-year warranty against defects. Beginner Pottery projected the estimated warranty cost (as a percent of sales) as follows: First year of warranty Second year of warranty 4% 10% Sales and actual warranty repairs were: Sales Actual warranty repairs 2019 5,000,000 200,000 2020 9,000,000 560,000 Required: a) Prepare journal entries in connection with the warranty using the expense as incurred" approach. b) Prepare journal entries in connection with the warranty using the accrual approach. c) Determine the estimated warranty liability on December 31, 2020. d) Analyze the estimated warranty liability account to ascertain if adjustment is necessary. The sales and warranty repairs are made evenly during the year. e) Prepare the adjustment to correct the estimated warranty liability on December 31, 2020