Required: 1. Assume that estimated warranty costs for the current year are $500.7 million and that $414.4 million of warranty work was performed during the year. Provide the journal entries required to recognize warranty expense and the warranty services provided during the year. Assume that all warranty services were paid for with cash. Walt Disney is a well-recognized brand in the entertainment industry with products ranging from broadcast media to parks and resorts. The following note is from a recent annual report: Revenue Recognition Sales of theme park tickets are recognized when the tickets are used. Sales of annual passes are recognized ratably over the period for which the pass is available for use. 2. Assume that in the current year, Disney collected $90.1 million in tickets that have not yet been used. Also in the current year, Disney estimates that $2.76 million worth of tickets that have been sold in the past will not be used in the current year or in the future. Provide the journal entries required to recognize (a) the receipt of the $90.1 million in cash and (b) the $2.76 million that Disney estimates will not be used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Assume that estimated warranty costs for the current year are $500.7 million and that $414.4 million of warranty work was performed during the year. Provide the journal entries required to recognize warranty expense and the warranty services provided during the year. Assume that all warranty services were paid for with cash. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar not in millions (i.e., 1,000,000 not 1.0). No Date General Journal 1 December 31 Warranty expense Warranty payable Show less Debit Credit 86,300,000 x