BE13.27 - Using Excel to Record Warranty Transactions PROBLEM 5 Henry Corporation seits home entertainment systems. The corporation also 6 offers to sell its customers a two-year warranty contract as a separate service 7. The following information pertains to warranty activity during 2020 Student Work Area Required: Provide input into cells shaded in yellow in this template Use cell references to the Problem area or work area as indicated Prepare Henry's journal entres under the revenue approach used for service type warranties for the following (a) The sale of warranty contracts Debit Credit 9 Warranty contract term 2 years 10 Number of warranty contracts sold 20.000 Selling price of each warranty contract $ 11 09 12 Warranty servicing costs $ 180,000 13 Estimate of future additional warranty costs $ 900,000 14 15 Henry recognizes warranty revenue based on the proportion of costs incurred 16 out of total estimated costs. 17 18 19 (b) The cost of servicing the warranties over the two year period Debi Credit G I L M N (b) The cost of servicing the warranties over the two year period Debit Credit (c) The recognition of warranty revenue Total estimated costs Percentage of revenue to be recognized