Required Information The following information applies to the questions displayed below) A company begins operations in Year 1 and offers a one-year warranty on all products sold. Total appliance sales in Year 1 are $1,600,000, and the company estimates future warranty costs in Year 2 to be 2% of current sales. Actual warranty costs in Year 2 are $25,000 Also in Year 2, the company has additional sales of $2.400 000 and revises its estimate of warranty costs associated with sales in Year 2 to be 15% Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction at Journal entry worksheet 1 2 3 Record the contingent liability for warranties for the year ending December 31, Year 1. Not Enter debit before cradas. Dato December 31 Account Title Debil Record entry Clear entry View generala to search O