Q1. In 2017 Sharp Company sells 1000 TV at an average price of $500 each. The selling price includes a one-year warranty on parts. LG expects that 50 units will be defective and that warranty repair costs will average $40 per unit Instructions: a- Prepare the adjusting entry to record the warranty liability b- Prepare the journal entry if the company honors warranty contracts on 20 units, at a total cost of $300 Q2- On October 1, Nokia Company borrows $150,000 from HSBC Bank for 6-month, with 8% interest rate) note payable. (a) Prepare the entry on October 1 (b) Prepare the adjusting entry on December 31 (c) Prepare the entry at maturity (April 1)