Recording and Reporting Warranties During 2020, Ward Company introduced a new product carrying a three-year warranty against defects, which has a separate purchase price. The company collected $28,000 and $49,000 for this extended warranty feature in the years 2020 and 2021, respectively. The company uses straight-line recognition of warranty revenue. The estimated warranty costs are 2% of sales within the first 12 months following the sale and 4% in the second 12 months following the sale. For simplification, assume that sales occurred at the first of the year, Sales and actual warranty expenditures for the years ended December 31, 2020, and 2021 are Sales 2020 $840,000 2021 1.400.000 $2.240,000 Actual Warranty Expenditures $12,600 42,000 $54.600 a. Record the journal entries required for (1) the sale of the products and warranties on credit, (2) incurred warranty costs, and (3) recognition of warranty revenue for 2020 and 2021. Note: List multiple debits or credits (when applicable) in alphabetical order Note: Round your answers to the nearest whole dollar. a. Date 1.2020 Account Name Dr. Cr. 2 2020 To record sale of products and warranties