Question 8 Novak Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2020, the corporation sells for cash 395 computers at a unit price of $2,390. On the basis of past experience, the 2-year warranty costs are estimated to be $158 for parts and $208 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2020.) The warranty is not sold separately from the computer. Record any necessary journal entries in 2020. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation the Debit Credit tha OSI 944050 Cash the 944050 Sales Revenue ar 144570 Warranty Expense 144570 Warranty Expense dy Jalos SHOW LIST OF ACCOUNTS What liability relative to these transactions would appear on the December 31, 2020, balance sheet and how would it be classified? Novak Corporation Balance Sheet (Partial) December 31, 2020 ty be b single ther am Current Liabilities 72285 Warranty Liability Long-Term Liabilities 72285 Warranty Liability SHOW LIST OF ACCOUNTS Kirk Cose no claims nagement and 40.840 for labor SHOW LIST OF ACCOUNTS CALCULATOR PRE What liability relative to these transactions would appear on the December 31, 2020, balance sheet and Novak Corporation Balance Sheet (Partial) December 31, 2020 Current Liabilities Warranty Liability 72285 Long-term Liabilities Warranty Liability 72285 SHOW LIST OF ACCOUNTS In 2021, the actual warranty costs to Novak Corporation were $22,590 for parts and $40,840 for labor Record any necessary journal entry in 2021. (If no entry is required, select "No Entry for the countritt the amounts. Credit account titles are automatically indented when the amount is entered. Do norindo Account Titles and Explanation Debit Credit Show Work is REQUIRED for this question: Open Show. Work SHOW LIST OF ACCOUNTS SU Question Attempts 0 of 1 used MacBook Air