in 2020, Johnson's Cycles Inc. sold 5,000 mountain bikes. For the first time, lohnson offered an in-store, no-charge, two year warranty on each bike sold. Company management estimates that the average cost of providing the warranty is 50 per unit in the first year of coverage and $11 per unit in the second year. Johnson's warranty-related expenditures totaled $36,500 for labor costs during 2020. Required: a. Prepare the summary journal entry to recognize Johnson's warranty expense in 2020 (at the end of 2020) b. Prepare the summary journal entry to recognize the warranty service provided in 2020 (as if it happened all at the end of 2020) c. Determine the total provision for warranty obligations that will be reported on the company's balance sheet at year-end 2020. Assuming that all sales transactions and warranty service took place on the last day of the year, how much of the warranty obligation will be classified as a current liability? As a non-current liability