The cost to XYZ of meeting its warranty claims in 2021 was $260,000: S162,500 for parts and $97,500 for labour. Prepare the entry to recognize the warranty service provided in 2021. Date Accounts Debit Credit 2021 Facts Prepare the entry to accrue for the 2022 warranty expense. Date Accounts Debit Credit 2022 XYZ reported a $270,000 provision for warranty payable on its balance sheet at December 31, 2020. XYZ's sales for 2021 totalled $5,200,000 spread evenly throughout the year. The cost to XYZ of meeting its warranty claims in 2021 was $260,000: $162,500 for parts and $97,500 for labour. .XYZ's sales for 2022 totalled $6,000,000 spread evenly throughout the year. The cost to XYZ of meeting its warranty claims in 2022 was $340,000: $204,000 for parts and $136,000 for labour. Based on recent claims history, XYZ revises its 2022 warranty provision to 7% of sales. The cost to XYZ of meeting its warranty claims in 2022 was $340,000: S204,000 for parts and $136,000 for labour. Prepare the entry to recognize the warranty service provided in 2022. Date Accounts Debit Credit 2022 Print Done Requirement b. Determine the provision for warranty payable that XYZ will report as a liability on December 31, 2022 The total provision for warranty payable that will be reported on the company's balance sheet on December 31, 2022, is $