[The following information applies to the questions displayed below. On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and malls a new one from Merchandise inventory to the customer. The company's cost per new razor is $20 and its retall seling pice 15$75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. November 11 Sold 105 razors for 57,875 cash. November 38 Recognized karranty expense related to November sales with an adjusting entry. Deceeber 9 heplaced 15 razors that were returned under the warranty. December 16 sold 220 razors for 516,500cash. Decenber 29 Replaced 30 razors that were returned under the warranty. Decenber 31 Recognized warcanty expense related to December sales with an adjusting entriyi. January 5 sold 150 razors for $11,250 cash. January 17 Replaced 50 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting Gitry? 1. Prepare Journal entries to record above transactions and adjustments