The following selected transactions relate to contingencies of Classical Tool Makers, Inc. which began operations in July 2022 Classical fiscal year ends on December 31 Financial statements are issued in April 2022 1 Classicos products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales Sales were $38 miliona credit for 2021. Actual waarty expenditures were $47500 and were recorded as Warranty expence when incurred 2. Although no customer accounts have been shown to be uncollectible Classical estimates that 2 of credit sales wit eventually prove uncollectible 3. In December 2021, the state of Tennessee filed sust against Classical, seeking penties for violations of centrs. On January 23, 2022. Classical reached a setment with custo authories to pay $3.3 million in pentos 4. Classical is the plaintiff in a $5.8 million lawsuit filed against a supplier. The suit is in final appeal and some vite that is virtually certain that assical will win the case and be awarded 543 million 5. In November 2021. Classical became aware of a design flaw in an industrial saw that poses a poterat lectrical hazard. A product recall appears unavoidable Such an action would fly cost the company $600.000 6. Classical offered $20 cash rebates on a new model of tow. Customers must mal in a proof of purchase seal from the package plus the cash register receipt to receive the rebate Experience suggests that 70% of the webemd. Even thousand and eight hundred of the saws were sold in 2021. Total rebotes to customers in 2021 wire 5:23.000 and were recorded as promotional expence when pald Required: 1a Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies 1.b indicate whether a disclosure note is needed for the above transactions Complete this question by entering your answers in the tabs below. RIA 1 Prepare the year-end entries for any amounts that should be recorded result of each of the above concedere required for a transaction event select "Neural required in the counted Enter your whole dar) Verwaton Journal entry worksheet Necond any necessary year-end entry lead to the warranties Cineral Trans 1 De Handby The following selected transactions relate to contingencies of Classical Tool Makers, Inc. which began operations in May 2021 Classical fiscal year ends on December 3 Financial statements are issued in Aort 2022 1 Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3 of Sale Sales were $3.8 million all credit for 2021 Actual warranty expenditures were $47,500 and were recorded as Warranty expense when incurred 2. Although no customer accounts have been shown to be uncollectible Classical estimates that 2 of credit sales will eventually prove uncollectible 3. in December 2021.the state of Tennessee filed suit against Classical song porties for violations of clean arws on January 23 2022. Classical reached a settement with state authorities to pay $3.3 min penalties 4. Clasical is the plaintiff in a $5.8 million lawsuit filed against a supplier The suis in fat appeal and attorneys advise that it is virtually certain that Classical will win the case and be awarded $43 min 5. In November 202 Classical became aware of a design law in an industrial saw that poses a potential electrical hazard. A product recal appears unavoidable. Such an action would likely cost the company S680000 6. Classical offered $20 cash rebate on a new model of saw Customers must mal in a proof oturchase seal from the package plus the cash register receipt to receive the rebote Experience suggests that 70% of the rates will be claimed Eleven thousand and eight hundred of the Jigsaw were sold in 2021 Total obates to customers in 2021 were $23.000 and were recorded as promotional expense when pard Required: 1-a Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies 15 indicate whether a disclosure note is needed for the above transactions Complete this question by entering your answers in the tabs below. Reg LA Hein Prepare the year and entries for any amounts that should be recorded as a resultat sach of the above contingencies, no entry required for a transactionfaventet "No journal entry required in the first cald Erowyour whole dar) View branco Journal entry worksheet Record any necessary year end entry related to collectible accounts Transaction De D 2 Maced by Chery R10 > The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022 1. Classicais products cany one year warranty against manufacturer's defects Based on previous experience, warranty costs are expected to approximate of sales Sales were $3.8 million al credit for 2021. Actual warranty expenditures were $47.500 and 2 Although no customer accounts have been shown to be uncollectible, Classical estimates that 23 of credit sales will eventually prove uncollectiblo 3. In December 2021, the state of Tennessee filed suit against cooling penalties for violations of clean air tawa on January 23.2022. Classical reached a settlement with state authorities to pay $3.3 milion in perates 4 Classical is the plaintiff in a $58 milion lawsuit fled against a supplier. The surti in final appeal and attorneys advice that virtually certain that Classical will win the case and be awarded $43 6. In November 2021, Classical became aware of a design fhwinan industrial saw that poses a potential electrical hazard. A product recall appears unavoidable. Such an action would keycost the company 5680.000 6 Classical offered $20 cash rebates on a new model of saw. Customers must mal in a proof of purchase seal from the package plus the cash register tocopt to receive the rebate. Experience suggests that 70% of the rebates will be claimed. Eleven thousand and it bundred of the Jaws were sold in 2021. Total rebates 10 customers in 2021 were $123,000 and were recorded as promotional expense when pald Required: 1a Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies 1-5 Indicate whether a disclosure note is needed for the above transactions Complete this question by entering your answers in the tabs below G A Red 15 Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies. If no entry's required for a transaction/event, Wed No journal entry on the rear your answers in whole dolas) View traction Journal entry worksheet The following selected transactions relate to contingencies of Classical Tool Makers, Inc. which began operations in July 2021 Classical's fiscal year ends on December 31. Financial statements are issued in April 2022 1 Classical's products carry a one-year warranty against manufacturer's defects. Based on produs experience, warranty costs are expected to approximate 3% of sales Sales were $3.8 million (all credit for 2021 Actus Warranty expenditures were $47500 and were recorded as Warranty expense when incurred 2 Although no customer accounts have been shown to be uncollectible Classical estimates that 23 of credit sales will eventually prove uncollectible 3. in December 2021, the state of Tennessee filed sust against Classical cooking penates for violations of clean al laws. On January 23.2022. Classical reached a settlement with state authors to pay $3.3 million in penale 4. Classical is the plaintiff in a $5.8 million lawsuit filed against a supptec The suit is in finalapoest and moneys advise that it Virtually certain that Classical will win the case and be awarded $43 milion 5. In November 2021 Classical became aware of a design flawin an industrial saw that poses a potential electrical hazard. A product recall appears unavoidable. Such an action would likely cost the company 5680.000 6. Classical offered $20 cash rebates on a new model of saw. Customers must mal in a proof of purchase seal from the package plus the cash register receipt to receive the rebate Experience suggests that 70% of the debates wil be claimed. Eleven thousand and eight hundred of the saws were sold in 2021 Total rebates to customers in 2021 were $123.000 and were recorded as promotional expense when pald Required: 1-a Prepare the year-end entries for any amounts that should be recorded as a result of each of me above contingencies 1b indicate whether a disclosure note is needed for the above transactions Complete this question by entering your answers in the tabs below. 10 Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingendes, no entry required for a transaction event sect"No journal anyone in the first accounted your whole dollars. View transactions Journal entry worksheet 1 2 4 5 0 Record any necessary year-end try related to the lawsuit filed againsta supplier Transaction denou Cobal Mecord entry Chiny The following selected transactions relate to contingencies of Classical Tool Maloers, Inc., which began operations in July 2021 Classical's fiscal year ends on December 31. Financial statements are issued in April 2022 1 Classical's products carry a one-year warranty against manufacturer's defects Based on previous experience, warranty costs are expected to approximate 3% of sales Sales were $3.8 million all credit for 2021 Actual warranty expenditures were $47.500 and were recorded as Warranty expense when incurred 2. Although no customer accounts have been shown to be uncollectible Classical estimates that 2% of credit sales will eventually provo uncollectie 3. In December 2021, the state of Tennessee filed suit against Classical Seeking penalties for violations of clean air laws. On January 23, 2022. Classical reached a settlement with the authorities to pay $3.3 million in penalties 4. Classical is the plaintiff in a $5.8 million lawsuit filed against a supplier. The sun is in final appeal and attorways advise that it is virtually certain that Classical will win the case and be awarded $43 min 5. In November 2021 Classical became aware of a sign flow in an industrial saw that poses a potential electrical hazard. A product Tecal appears unavoidable. Such an action would likely cost the company 5680.000 6 Classical offered $20 cash rebates on a new model of saw Customers must mall in a proof of purchase seal from the package plus the cash register receipt to receive the rebate. Experience suggests that 70% of the robates will be claimed. Eleven thousand and eight hundred of the jigsaws were sold in 2021 Total rebates to customers in 2021 were $123.000 and were recorded as promotional oxpense when pald Required: 1-a Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies 1-b indicate whether a disclosure note is needed for the above transactions Complete this question by entering your answers in the tabs below. HLA Rol 16 Prepare the year end entries for any amounts that should be recorded as a result of each of the above contingencies. If not required for a transaction/event, select "No journal entry gured in the fact field. Enter your res in whide den.) View transaction Journal entry worksheet The following selected transactions Yolate to contingencies of Classic To Makers, Inc. which began operations in July 2021 Classical's fiscal your endi on December 31. Financal statements and Art 2022 1 Classical's products carry a one year warranty against manufacture defects. Based on previous experience, warranty costs are expected to approximate 3% of sales Sales vore 53 on credo for 2021 Actual warranty expenditures were $47.500 and were recorded as warranty expense when incurred 2 Although no customer accounts have been shown to be collectie Casates thet 23 of credit sales will eventually prove uncollectible 3. In December 2021. the state of Tennecoiled suit against Cascing penales for violations of clean air laws. On January 23, 2023 Classical reached a semlement with state authorities to pay $33 milion in partes A Classical is the plaintiff $5,8 milion lawsuit filed against a spole Thesis in final appeal and atomeys advise that it Virtually certain that Classical wil win the case and be awarded 543 5 In November 2021, Classical became aware of design fawin annosta poses a potential electrical hazard. A product recall appears unavoidable. Such an action would caly cost the company $580.000 6. Os cal affered S20 cashbates on a new model of customers must mal in a proof of purchase seal from the package plus the cash register receipt to receive the tabato Experience suggests that 70% of the rebates will be carmed. Eleven thousand and eight hundred of the laws were cold in 2021 Total rebates to customers in 2021 5123.000 and were recorded as promotional expence when paid. Required: 1a Prepare the year-end ontner for any amount tot could be recorded as a recut et each of the above contingencies 1-indicate whether a disclosure note is needed for the branco Complete this question by entering your answers in the tabs below. TA 10 Prepare the year-end entries for any amounts that should be recorded to each of the above contingences for ered for transaction/vntNo journal entry or the first of your holes.) Viewsbon Journal entry worksheet 2 3 5 Record any year and try to be Tran Oenom Record any gta > The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021 Classical's fiscal year ends on December 31. Financial statements are issued in April 2022 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales Sales were $3.8 million (all credit for 2021. Actual warranty expenditures were $47,500 and were recorded as warranty expense when incurred 2. Although no customer accounts have been shown to be uncollectible. Classical estimates that 2% of credit sales will eventually 3. in December 2021, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean atr laws. On January 23, 2022 Classical reached a settlement with state authorities to pay $3.3 million in penalties 4. Classical is the plaintiff in a $5.8 million lawsuit filed against a suppliet The suit is in final appeal and attorneys advise that it is virtually certain that Classical will win the case and be awarded $4.3 million 5. In November 2021. Classical became aware of a design flaw in an industrial saw that poses a potential electrical hazard. A product recall appears unavoidable. Such an action would likely cost the company $680.000, 6. Classical offered $20 cash rebates on a new model of Jigsaw Customers must malt in a proof-of-purchase seal from the package plus the cash register receipt to receive the rebate. Experience suggests that 70% of the rebates will be claimed. Eleven thousand and eight hundred of the jigsaws were sold in 2021. Totat rebates to customers in 2021 were $123,000 and were recorded as promotional expense when pald. Requtred: 1-a Prepare the year-end entries for any amounts that should be recorded as a result of each of the above contingencies 1-5 Indicate whether a disclosure note is needed for the above transactions Complete this question by entering your answers in the tabs below. Rea 1 Reg 13 Indicate whether a disclosure note is needed for the above transactions. Event Event 2 Event 3 Event 4 Event 5 Evento