Required Information [The following informanon applies to the questions displayed below] Hizu Company sold a copter (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copler requires on-ste repairs that are completed the same day. The repairs cost $121 for materlals taken from the parts inventory. These are the only repairs required in Year 2 for this copler. 1. How much warranty expense does the company report for this copter in Year 1 ? 2. How much is the estimated warranty liability for this copler as of December 31 of Year 1 ? 3. How much is the estimated warranty lability for this copler as of December 31 of Year 2? 4. Prepare joumal enthes to record (a) the copler's sale, (b) the adjustment to recognize the warranty expense on Decembet 31 of Yea 1; and (C) the repairs that occur on January 5 of Year 2 . Complete this question by entering your answers in the tabs below. 1. How much warranty expense does the company report for this copier in Year 17 2. How much is the estimated warranty liability for this copier as of December 31 of Year 17 3. How much is the estimated warranty liability for this copier as of December 31 of Year 27 Requlred information The following information applies to the questions displayed below] Hitzu Compary sold a copler (that costs $5,500 ) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry onDecember 31. On January 5 of Year 2 the copler requires on-site repairs that are completed the same day. The repalis cost \$121 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copler. 1. How much warranty expense does the company repont for this copier in Year ? 2. How much is the estimated warranty llability for this copler as of December 31 of Year 1 ? 3. How much is the estimated waranty llability for this copler as of December 31 of Year 2 ? 4. Prepare journal entries to record (a) the copier's sale; (ol the adjustment to recognize the warranty expense on December 3 of Year 1, and (d) the repairs that occur on January 5 of Year 2 Complete this question by entering your answers in the tabs below. Prepare joumal entries to record (a) the copieriv sales (b) the adjustment to recognize the warranty expense on December at of Year 11 and (c) the repairs that occur on Jenuary 5 of Year 2 . Journal entry worksheet Mectord the sale of a copier for $11,000cash, Motid Entor dewte helore credes. 1. How much wactanty expense does the company report for this copier in year 1 ? 2. How much is the estimated warranty liabiity for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty llability for thes copier as of December 31 of Year 2 ? 4. Prepare journal enttes to record (of the cople's sale, (b) the atfustment to recognize the warranty expense on December 31 of Yes 1. and (c) the repairs that occur on Janvary 5 of Yeat 2 Cumplete this question hy entering rour answers in the tatrs beliw. Prepare jovenal entrint to record (a) the cepier's salej (b) the adjutiment to recognise the warranty expense on December as ef Year 1 ) and (c) the repain that occur on Jhuary 5 of Year? Journal entry worksheet Record the cost of goodt seld of $5,500. Note: foter delits before ondac. 1. How much warranty expense does the company report for this copier in Year 1 ? 2. How much is the estimated warranty lability for this copier as of December 31 of Year 1 ? 3. How much is the estmated warranty lability for this copler as of December 31 of Year 2? 4. Prepare joumal entries to record (d) the copler's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2 Complete this question by entering your answers in the tabs below. Drepare journal entries to record (a) the copler's sales (b) the adjustment to recognize the warranty expense on December 31 of Year 11 and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet Record the estimated waeranty expense at 4% of the sales. Notes Enter debits before redes. 1. How much warranty expense does the company report for this copief in Year f ? 2. How much is the estumated warranty liability for this copler as of December 3 of Year 1 ? 3. How much is the estimated warranty llability for this copler as of December 31 of Year 2 ? 4. Prepare journal entries to record (d) the copler's sale, (b) the adjustment to recognize the warranty expense on December 31 of Year 1, and (c) the repairs that occur on January 5 of Year 2 Complete this question by entering your answers in the tahs below. Prepare journal entries to recond (a) the copier's sales (b) the adjustment to recognize the wairanty expense on December 31 of Year 11 and (c) the repairs that occur on Jamuary 5 of Year 2 . Journal entry worksheet Aecord the cest of repairs that occur on January 5 of Year 2 . Nocel Erter debate belere oredts