Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hitzu Company sold a copier (tbat costs $6,500 ) for $13,000 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 copier 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. Exercise 9.12 (Algo) Warranty expense and liability computations and entries LO P4 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 ? 4. Prepare journal entries to record (a) 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 copler in Year 1? 2. How much is the estimated warranty liablity 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 2? Exercise 9-12 (Algo) Warranty expense and liability computations and entries LO P4 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 ? 4. Prepare journal entries to record (a) 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 17 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 ? Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warrar and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet Record the estimated warranty expense at 4% of the sales. Note: Enter debits before credits. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expen and (c) the repairs that occur on January 5 of Year 2. Journal entry worksheet