The Toro Company reported warranty liabilities of $96,604,000 in its October 31, 2019, balance sheet. On its October 31, 2020, balance sheet, it reported a liability of $107,121,000. It recognized $77,758,000 in net warranty expenses during fiscal year 2020, ending October 31, 2020. a. What amount of cost did Toro incur to cover warranty claims in 2020? $ b. Record the entry described in part a in a journal entry. b. How would the fulfillment of these claims be recorded using the financial statement effects template? Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Transaction Payment to satisfy warranty claims. Balance Sheet Cash Asset Cash + N/A Noncash Assets 0 + Liabilities = Warranty liability Contrib. + Capital + 0 N/A N/A Earned Capital Income Statement 0 + N/A Revenues + 0 - N/A Expenses + 0 Net Income 0