Woodmier Lawn Products introduced a new line of commercial sprinklers in 2023 that carry a one-year warranty against manufacturer's defects. Because this was the first product for which the company offered a warranty, trade publications were consulted to determine the experience of others in the industry. Based on that experience, warranty costs were expected to approximate 1% of sales. Sales of the sprinklers in 2023 were $3.2 million. Accordingly, the following entries relating to the contingency for warranty costs were recorded during the first year of selling the product: General Journal Debit Credit Accrued liability and expense. Warranty expense (1% x $3,200,000) 32,000 Warranty liability 32,000 Actual expenditures (summary entry) Warranty liability 16,000 Cash 16,000 In late 2024, the company's claims experience was evaluated and it was determined that claims were far more than expected-2% of sales rather than 1%. Required: 1. Assuming sales of the sprinklers in 2024 were $4.3 million and warranty expenditures in 2024 totaled $95,000, prepare any journal entries related to the warranty. 2. Assuming sales of the sprinklers were discontinued after 2023, prepare any journal entry(s) in 2024 related to the warranty. Required 1 Required 2 Assuming sales of the sprinklers in 2024 were $4.3 million and warranty expenditures in 2024 totaled $95,000, prepare any journal entries related to the warranty. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 2 Record the warranty expense. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal > Show less Required 1 Required 2 Assuming sales of the sprinklers in 2024 were $4.3 million and warranty expenditures in 2024 totaled $95,000, prepare any journal entries related to the warranty. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 2 Record the actual expenditures. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal Show less Required 1 Required 2 Assuming sales of the sprinklers were discontinued after 2023, prepare any journal entry(s) in 2024 related to the warranty. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 Record the actual expenditures (summary entry). Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal