Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] Hitzu Company sold a copier (that costs $3,500 ) for $7,000 cash with a two-year parts warranty to a customer on August 16 of Year 1 . Hitzu expects warranty costs to be 3% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $127 for materials taken from the pants inventory. These are the only repairs required in Year 2 for this copiet. Exercise 9-12 (Algo) Warranty expense and liability computations and entries LO P4 1. How much warranty expense does the company report for this copier in Year 1 ? 2. How much is the estimated warranty liability for this copidt as of December 31 of Year 17 3. How much is the estimated waranty liability for this copier as of December 31 of Year 27 ? 4. Prepare jourral entries to record (a) the copier's sale. (0) the adjustment to recognize the warranty expense on December 31 of Year 1 and (q) the repairs that occur on January 5 of Year 2 . Complete this question by entering your answers in the tabs below. and (c) the repains that occur an January's of year 2