Required information [The following information applies to the questions displayed below.] On October 29. Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $70. The company expects warranty costs to equal 7% of dollar sales. The following transactions occurred. November 11 sold 80 razors for 55,600 cash. November 30 Recognized warranty expense related to Novenber sales with an adjusting entry. December 9 Replaced 16 razors that were returned under the warranty. December 16 . Sold 240 razors for $16,800cash. December 29 Replaced 32 razors that were returned under the warranty. December 31 Recognized warranty expense related to Decenber sales with an adjusting entry. January 5 sold 160 razors for $11,200 cash. January 17 Replaced 37 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. initeliaruist Hiveinuiv (1) Required information