Question 1 Listed below are selected events transactions relating to Kingbird, Inc. for the current year ending December 31. Kingbird manufactures laptop computers for sale in its own stores and for sale by other retailers Kingbird requires a $7,000 deposit from kingbird's retail locations totaled S3, 103,000, which includes the 7% sales tax Kingbird must remit to the state by the fifteenth day of the a competitor for a patent violation. The competitor is claiming that Kingbird's liability is $1,850,000. Kingbird's attorneys have advise year warranties on the laptops it sells. During the year, Kingbird's laptop sales totaled $74,000,000. Historically, Kingbird's warranty liability has been 1. On December 1., Kingbird accepted an order der from a new customer, Bonita Computers. Bonita has a questionable credit history, so customer, Bonita Comput Bonita in order to begin production on its order During December, cash sales at following month 2. e that the court will find for the company's competitor. The attorneys estimate that 5370,000. The attorneys do not believe any amount within this range is a better estimate of Kingbird's li one percent of total sales. Kingbird began the year with a warranty liability balance of s prior years and $178,000 for computers sold dur ring the year. These expenditures were recorded as credits to cash and debits to the warranty liability account. Any remaining warranty liability is expected to relate to computers sold during the current year Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting Journal entries relative to the transactions that would be required to present fair financial statements at December 31. For simplicity, assume that adjusting entries are recorded only once a year on December 31. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date nt Titles and Fynlanstine