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Required information [The following information applies to the questions displayed below] Hitzu Company sold a copier (that costs $5,500 ) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier fequires on-site repairs that are completed the same day. The repairs cost \$126 for materials taken from the parts inventory. These are the only tepairs required in Year 2 for this copler. How much warranty expense does the company report for this copier in Year 1 ? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepore joumal entries to record (d) the copier's sale: (b) the adjustment to recognize the warranty expense on December 31 of Year ; and (c) the repairs that occur on January 5 of Year 2. Complete this question by entering your answers in the tabs below. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1 ; and (c) the repalis that occur on january 5 of Year 2 Required information [The following information applies to the questions displayed below] Hitzu Company sold a copier (that costs $5,500 ) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier fequires on-site repairs that are completed the same day. The repairs cost \$126 for materials taken from the parts inventory. These are the only tepairs required in Year 2 for this copler. How much warranty expense does the company report for this copier in Year 1 ? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1 ? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepore joumal entries to record (d) the copier's sale: (b) the adjustment to recognize the warranty expense on December 31 of Year ; and (c) the repairs that occur on January 5 of Year 2. Complete this question by entering your answers in the tabs below. Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1 ; and (c) the repalis that occur on january 5 of Year 2

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