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5. Al Jabel Corporation sells WIFI speakers and offers 2- year warranty contract to customers. During 2020 Al Jabel sold 15,000 warranty contract at $99 each. Al Jabel spent $ 135,000 serving warranties during 2020, and it estimates that an additional $675,000 will be spent in the future to service the warranties. Prepare journal entries for: (a) The sale of contract (b) The cost of servicing warranties (c) The recognition of warranties revenue 6. Farhan Corporation issued $ 1,000,000 of 8%, 28-year bond on January 1, 2020, at 119.792 to yield 6%. Interest is payable semi-annually on July 1 and January 1. Prepare journal entries to record following: (a) The issuance of bonds (b) The payment of interest and related amortization on July 1, 2020 (c) The accrual of interest and related amortization on December 31, 2020