Homework-Ch 13 Help Save & ExitSubmit Check my work 21 Carnes Electronics sells consumer electronics that carry a 90-day manufacturers warranty. At the time of purchase, customers are offered the opportunity to also buy a two-year extended warranty for an additional charge. During the year, Carnes received $414,000 for these extended warranties (approximately evenly throughout the year). 0.93 points Required: 1-a. Does this situation represent a loss contingency? 1.b. How should it be accounted for? 2. Prepare journal entries that summarize sales of the extended warranties (assume all credit sales) and any aspects of the warranty that should be recorded during the year. Complete this question by entering your answers in the tabs belovw Req 1A Req 18 Req 2 nal entries that summarize sales of the extended warranties (assume all credit sales) and any aspects of the t, select "No journal entry warranty that should be recorded during the year. (If no entry is required for a transaction/even in the first Journal entry worksheet Prex21 of 29 Next