Could you explain how to do it?

7 Part 1 of 2 Required Information [The following information applies to the questions displayed below.] Hitzu Co. sold a copler (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects Warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copler requires on-site repairs that are completed the same day. The repairs cost $115 for materials taken from the repair parts Inventory. These are the only repairs required in Year 2 for this copler. 1 points Skipped eBook 1. How much warranty expense does the company report for this copler In Year 1? 2. How much is the estimated warranty liability for this copler as of December 31 of Year 1? 3. How much is the estimated warranty liability for this copler as of December 31 of Year 2? 4. Prepare journal entries to record (a) the copler's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. Hint Complete this question by entering your answers in the tabs below. Print Reg 1 to 3 Reg 4 References 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 1. Warranty expense 2. Estimated warranty liability Estimated warranty liability 3. 7 Part 1 of 2 Required information [The following information applies to the questions disployed below.] Hitzu Co. sold a copier (that costs $5,500) for $11.000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects Warranty costs to be 4% of dollar sales. It records warranty expense with an ecjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $115 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier. 1 points Skipped 1. How much warranty expense does the company report for this copier in Year 1? 2 How much is the estimated warranty liability for this copier as of December 31 of Year 1? 3. How much is the estimated warranty liability for this copier ss of December 31 of Year 2? 4. Prepore journal entries to record (c) the copier's sele: (b) the sdjustment to recognize the warranty expense on December 31 of Year 1: and (c) the repairs that occur on January 5 of Year 2 eBook Hint Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 Prepare journal entries to record (a) the copier's sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2. References View transaction et Journal entry worksheet