Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Hitzu Company sold a copler (that costs $4,500 ) for $9.000 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 $110 for materials taken from the parts inventory. These are the only repalis required in Year 2 for this copiet Exercise 11-12 (Algo) Warranty expense and liability computations and entries LO P4 1. How much warranty expense does the company report for this copler 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 liabiity for this copler as of December 31 of Year 2? 4. Prepare journal entries to record ( b) the copier's sale: (b) the adjustment to recognize the wanranty expense on December 31 Year 1 ; and (d the repairs that occur on January 5 of Year 2 Complete this question by entering your answers in the tabs below. 1. How much wamanty expense does the company report for this copler in Year