Below information is available from an electronics manufacturing co$.$ for a particular year

Product sales

$185,000$

Warranty sales are $8\%$ of product sales, warranty is for three years

Provide $85\%$ of the warranty revenue as repair costs.

Actual expenses for warranty repairs incurred were:

$\backslash$table$[[$year $1,3,790],[$year $2,7,140],[$year $3,2,040]]$

The opening balance in tiability for Warranty Repairs is $$340.$

Provide all necessary entries for all three years and also find the closing balance in the Liability for Warranty Repairs account.