Required information [The following information applies to the questions displayed below] Hitzu Company sold a copier (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 5% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $101 for materials taken from the repair parts inventory. Those are the only repairs required in Year 2 for this copier. 1. How much wartanty expense does the company report for this copiet in Year 1 ? 2. How much is the estimated warranty llablity for this coplor as of Decomber 31 of Yoar 1 ? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepare journal entries to record (d) the copier'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. 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty liablity for this copler as of Decermber 31 of Year 2 ? Complete this question by entering your answers in the tabs below. Prepare journal entries to record (0) the copier's sale; (b) the odjustment to recognize the warranty expense on December 31 of Year 1 ; and (c) the repairs that occur on January 5 of Year 2 . Journal entry worksheet