Q.3 (15 points) - Viggo Factory provides a 2-year warranty with one of its products, which was first sold in 2019. In the year, Viggo spent $55,000 servicing warranty claims. At year-end, Viggo estimates that an additional $240,000 will be spent in the future to service warranty claims related to 2019 sales. Required: Prepare the journal entries related to warranty. Q.4 (20 points) The accounting records of Perkins Inc. show the following data for 2019. Pretax financial income was $640,000. Life insurance expense on officers was $16,000. Equipment was acquired in early January for $450,000, straight-line depreciation over 5 year life is used, with no salvage value. For tax purposes, Perkins Inc. used a 40% rate to calculate depreciation. Product warranties were estimated to be $75,000 in 2018. Actual repair and labor costs related to the warranties in 2019 were $15,000 and the remainder is estimated to be paid evenly in 2029 and 2021. Sales on an accrual basis were $160,000. For tax purposes, $90,000 was recorded on the installment sales method. Fines incurred for pollution violations were $3,600. The tax rate is 30%. Required: Prepare the journal entries related to Deferred Tax in 2019