Answer the Question below Please

BE13.15 (L02) Streep Factory provides a 2-year warranty with one of its products which was first sold in 2019. Streep sold $1,000,000 of products subject to the warranty. Streep expects $125,000 of war- ranty costs over the next 2 years. In that year, Streep spent $70,000 servicing warranty claims. Prepare Streep's journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs