Required Information [The following information applles to the questions displayed below.] Hitzu Company 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 5% of dollar sales. It records warranty expense with an adjusting entry on December 31 . On January 5 of Year 2 , the copler requires on-site repairs that are completed the same day. The repairs cost $148 for materials taken from the parts inventory. These are the only repairs required in Year 2 for this copler. . How much warranty expense does the company report for this copler in Year 1 ? . How much is the estimated warranty llability for this copler as of December 31 of Year 1 ? How much is the estimated warranty llability for this copler as of December 31 of Year 2 ? H. Prepare journal entrles to record (a) the copler's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year and (c) the repalrs 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 liability for this copier as of December 31 of Year 2 ? Journal entry worksheet Record the sale of a copier for $11,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold of $5,500. Note: Enter debits before credits. Journal entry worksheet Record the estimated warranty expense at 5% of the sales. Note: Enter debits before credits. Journal entry worksheet