Enabled: Term Test #$118$points$801$:$18$:$41$An October $6,2023,$ Norwood Co$.,$ an office equipment supplier, sold a copler for cash of $$30,000($cost $$18,400)$ with a two$-$yea and labour warranty. Based on prior experience, Norwood expects eventually to incur warranty costs equal to $4\%$ of the selling The fiscal year coincides with the calendar year. On January $15,2024,$ the customer returned the copler for repairs that were completed the same day. The cost of the repairs consisted of $$418$ for the materials taken from the parts inventory and $$568$ that was fully paid with cash. These were the only repairs required in $2024$ for this copier.Required:$1.$ How much warranty expense should the company report in $2023$ for this copier?Warranty expense$2.$ How much is the warranty liability for this copier as of December $31,2023?$