Sandhill Factory provides a 2-year warranty with one of its products which was first sold in 2020 . Sandhill sold $1,079,400 of products subject to the warranty. Sandhill expects $118,930 of warranty costs over the next 2 years. In that year, Sandhill spent $72,020 servicing warranty claims. Prepare Sandhill's journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)