> 7 On November 10, 2020, Singh Electronics began to buy and resell scanners for $50 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $30. Singh estimates warranty costs based on 20% of the number of units sold. The following transactions occurred in 2020 and 2021 (ignore GST and PST): Nov. 15 points Dec. Skipped 2020 15 Sold 3,600 scanners for $180,000 cash. 30 Recognized warranty expense for November with an adjusting entry. 8 Replaced 110 scanners that were returned under the warranty. 15 Sold 7,100 scanners. 29 Replaced 32 scanners that were returned under the warranty. 31 Recognized warranty expense for December with an adjusting entry. 2021 14 Sold 255 scanners. 20 Replaced 44 scanners that were returned under the warranty. 31 Recognized warranty expense for January with an adjusting entry. eBook Jan. Print Required: 1. How much warranty expense should be reported for November and December 2020? Warranty Expense $ 36,000 November December 71.000 7 2. How much warranty expense should be reported for January 2021? (Round your intermediate calculations and final answer to the nearest whole number.) Warranty expense 15 points Skipped eBook 3. What is the balance of the estimated warranty liability as of December 31, 2020? Print Warranty expense for November Warranty expense for December Cost of replacing items in December Liability balance 7 4. What is the balance of the estimated warranty liability as of January 31, 2021? 15 points Beginning balance Warranty expense for January Cost of replacing items in January Liability balance Skipped 1 Record the sale of scanners to customers. 2 Record the cost of the November 15 sale. Record the scanner warranty expense and liability at 20% of the units sold. Record the cost of scanner warranty replacements. 5 Record the sale of scanners to customers. Record the cost of the December 15 sale. Record the cost of scanners warranty replacements