Current Attempt in Progress

Culver Corp. provides at no extra charge a two$-$year warranty with one of its products, which was first sold in $2023.$ In that year, Culver sold products for $$2\mathrm{.}02$ million and spent $$70,200$ servicing warranty claims. At year end, Culver estimates that an additional $$516,700$ will be spent in the future to service warranty claims related to the $2023$ sales.

Prepare Culver's journal entries to record the sale of the products, the $$70,200$ expenditure, and the December $31$ adjusting entry under the assurance$-$type warranty approach. Ignore any cost of goods sold entry. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Llst all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$