Woodmier Lawn Products introduced a new line of commercial sprinklers in 2020 that carry a one-year warranty aga manufacturer's defects. Because this was the first product for which the company offered a warranty, trade publicatio were consulted to determine the experience of others in the industry. Based on that experience, warranty costs were expected to approximate 2% of sales. Sales of the sprinklers in 2020 were $2,950,000. Accordingly, the following entries relating to the contingency for warranty costs were recorded during the first year of selling the product: 59,000 59,000 Accrued liability and expense Warranty expense (2% * $2,950,000) Warranty liability Actual expenditures (summary entry) Warranty liability Cash (or salaries payable, parts and supplies, etc.) 27, 140 27,140 In late 2021, the company's claims experience was evaluated and it was determined that claims were far more than expected3% of sales rather than 2%. Required: 1. Assuming sales of the sprinklers in 2021 were $4,050,000 and warranty expenditures in 2021 totaled $101,500, prepare any journal entries related to the warranty. 2. Assuming sales of the sprinklers were discontinued after 2020, prepare any journal entries in 2021 related to the warranty. Required Required 1 2 Assuming sales of the sprinklers in 2021 were $4,050,000 and warranty expenditure totaled $101,500, prepare any journal entries related to the warranty. (If no entry is transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the accrued liability and expense. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry View general journal Clear entry Required Required 1 2 Assuming sales of the sprinklers were discontinued after 2020, prepare any journal e related to the warranty. (If no entry is required for a transaction/event, select "No jou required" in the first account field.) g View transaction list Journal entry worksheet