I need help with the debit/credit dollar amount for part 2 which is marked with a red X next to it, as well as "required 3" which is also marked with a red X next to it.

Cupola Awning Corporation introduced a new line of commercial awnings in 2024 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the wartanty that should be recorded during 2024 3. What amount should Cupola report as a liability at December 31, 2024? Q Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare journal entries that summarize sales of the awnings (assume all credit saies) and any aspects of the warranty that should be recorded durng 2024. Note: if no entry is required for a transsction/event, saiect "No journat entry required" in the fint account field. 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2024 . 3. What amount should Cupola report as a liability at December 31,2024 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that: should be recorded during 2024. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Cupola Awning Corporation introduced a new line of commercial awnings in 2024 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2024. 3. What amount should Cupola report as a liability at December 31,2024 ? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. What amount should Cupola report as a llablisty at December 31, 20247