Question 7.1 . . Time Traveler Magazine completed the following transactions during 2016: Oct 31: Sold one-year subscriptions, collecting cash of $1,750, plus HST of 13%. Dec 31: Remitted (paid) HST to Canada Revenue Agency (CRA). Dec 31: Made the necessary adjustment at year-end. 1. Journalize these transactions and then report any liability on the company's balance sheet on December 31" Question 7.2 During its first year of operations, Keene Limited had sales of $76,500. The company offers a 2-year limited warranty on all sales and expects that warranty costs for the first year will average 0.5% of sales with an additional 1.5% in the second year. During the current year, the company spent $1,200 on warranty repairs. 1. Prepare all journal entries related to the warranty for the current year. 2. How will the warranty liability be reported on the company's year-end balance sheet