Renuka Corp. has manufactured a broad range of quality products since 1991. The following information is available for the company's fiscal year ended Febr 2021. Renuka follows ASPE N Renuka has several notes payable outstanding, all notes have been issued to mature in one year, in each case, the annual interest is due on the anniversary di the note each year (same as the due dates listed). The information on Notes are given below. Renuka provides 2 years of standard warranty on all its products, and customers can purchase 2 years of additional warranty (extended warranty) for 540. Av welling price of Renuka's products is $75. Renuka estimates that 1.5% of its products sold will return for warranty claims within the first two years. It is also es that average warranty repair cost is $22. Renuka's sales figures and warranty information are given below Note Due Date Space for showing work A Principal Amount 160,000 200,000 350,000 01-Apr-21 31 May 21 15-Nov.21 Interest Rate 3% 2.2006 B ? 1.65% Create Journal Entries related to the Notes on Feb 28, 2021 36 37 Debit Credit 38 Debit Amount Credit Amount Full Mark Mark Rcvd 39 Note-A 40 4 41 4 42 Note-B 43 4 44 45 Note-C 46 47 A 48 49 Based on the information on Warranty, Prepare Warranty Related Journal Entries for G 49 H 50 Based on the information on Warranty, Prepare Warranty Related Journal Entries for Feb 28, 2021 Fiscal Year (Mar- 2019 2020 2021 S1 Feb) 125,000 134,000 165,000 11,000 14,000 52 Sales (Units) Extended Warranty Sold 53 (number) Warranty 54 Provided (Units) Actual Repair Cost 19,000 1,678 2,850 3,500 55 ($) 42,000 66,300 85,200 56 Debit Credit Debit Amount 57 Credit Amount Full Mark Mark Rovd 58 Assurance Type Warranty J/E, Feb 28, 2021 D E B Assurance Type Warranty J/E, Feb 28, 2021 4 0 -1 Service Type Warranty J/E, Feb 28, 2021 52 4 53 4 64 67 65 Assume that all warranty related J/E is done on last day of the fiscal year. Show the 66 entries that will be entered into Warranty Liability t-account and determine end of year balances. Full Mark Warranty Liability Mark Rcvd 01-Mar-18 37,300.00 balance 70 28-Feb-19 entries 01-Mar-19 balance 68 69 4 2. 71 Assume that all warranty related J/E is done on last day of the fiscal year. Show the entries that will be entered into Warranty Liability t-account and determine end of year balances. 3 Warranty Liability Full Mark Mark Rcvd 37,300.00 balance 3 entries 1 balance 2 2 01-Mar-18 28-Feb-19 01-Mar-19 28-Feb-20 01-Mar-20 28-Feb-21 01-Mar-21 entries 4 3 balance N 4 entries 4 5 balance 4 6 Renuka Corp. has manufactured a broad range of quality products since 1991. The following information is available for the company's fiscal year ended Febr 2021. Renuka follows ASPE N Renuka has several notes payable outstanding, all notes have been issued to mature in one year, in each case, the annual interest is due on the anniversary di the note each year (same as the due dates listed). The information on Notes are given below. Renuka provides 2 years of standard warranty on all its products, and customers can purchase 2 years of additional warranty (extended warranty) for 540. Av welling price of Renuka's products is $75. Renuka estimates that 1.5% of its products sold will return for warranty claims within the first two years. It is also es that average warranty repair cost is $22. Renuka's sales figures and warranty information are given below Note Due Date Space for showing work A Principal Amount 160,000 200,000 350,000 01-Apr-21 31 May 21 15-Nov.21 Interest Rate 3% 2.2006 B ? 1.65% Create Journal Entries related to the Notes on Feb 28, 2021 36 37 Debit Credit 38 Debit Amount Credit Amount Full Mark Mark Rcvd 39 Note-A 40 4 41 4 42 Note-B 43 4 44 45 Note-C 46 47 A 48 49 Based on the information on Warranty, Prepare Warranty Related Journal Entries for G 49 H 50 Based on the information on Warranty, Prepare Warranty Related Journal Entries for Feb 28, 2021 Fiscal Year (Mar- 2019 2020 2021 S1 Feb) 125,000 134,000 165,000 11,000 14,000 52 Sales (Units) Extended Warranty Sold 53 (number) Warranty 54 Provided (Units) Actual Repair Cost 19,000 1,678 2,850 3,500 55 ($) 42,000 66,300 85,200 56 Debit Credit Debit Amount 57 Credit Amount Full Mark Mark Rovd 58 Assurance Type Warranty J/E, Feb 28, 2021 D E B Assurance Type Warranty J/E, Feb 28, 2021 4 0 -1 Service Type Warranty J/E, Feb 28, 2021 52 4 53 4 64 67 65 Assume that all warranty related J/E is done on last day of the fiscal year. Show the 66 entries that will be entered into Warranty Liability t-account and determine end of year balances. Full Mark Warranty Liability Mark Rcvd 01-Mar-18 37,300.00 balance 70 28-Feb-19 entries 01-Mar-19 balance 68 69 4 2. 71 Assume that all warranty related J/E is done on last day of the fiscal year. Show the entries that will be entered into Warranty Liability t-account and determine end of year balances. 3 Warranty Liability Full Mark Mark Rcvd 37,300.00 balance 3 entries 1 balance 2 2 01-Mar-18 28-Feb-19 01-Mar-19 28-Feb-20 01-Mar-20 28-Feb-21 01-Mar-21 entries 4 3 balance N 4 entries 4 5 balance 4 6