3 of 4 < > 0.41/1 Current Attempt in Progress On January 1, 2019, Cullumber Company began a warranty program to stimulate sales. It is estimated that 5% of the units sold will be returned for repair at an estimated cost of $30 per unit. Sales and warranty figures for the three years ended December 31 are as follows: 2019 2020 2021 Sales (units) 2,200 1,800 1,000 Sales price per unit $225 $180 $150 Units returned for repair under warranty 84 97 97 Actual warranty costs $3,300 $2,340 $1,350 (a) Your Answer Correct Answer (Used) Your answer is partially correct. Calculate the warranty expense for each year and warranty liability at the end of each year. Question 3 of 4 < > 0.41/1 Record the warranty transactions for each year. Credit Repair Parts Inventory for the actual warranty costs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation 2019 Warranty Expense Warranty Liability (To record honouring warranty contracts.) Warranty Liability Repair Parts Inventory (To accrue warranty expense.) 2020 Warranty Expense Warranty Liability (To record honouring warranty contracts.) Warranty Liability Repair Parts Inventory Debit Credit $3300 $0 $2700 $360 $3300 $0 $2700 $360 (To accrue warranty expense.) 2021 Warranty Expense Warranty Liability (To record honouring warranty contracts.) Warranty Liability Repair Parts Inventory (To accrue warranty expense.). eTextbook and Media List of Accounts Save for Later $1500 $510 $1500 $510 Attempts: 1 of 3 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above