minutes $45$ seconds $01$:$07$:$45$ Item $19$ Time Remaining $1$ hour $7$ minutes $45$ seconds $01$:$07$:$45$ Cupola Awning Corporation introduced a new line of commercial awnings in $2024$ that carry a two$-$year warranty against manufacturer$$s defects. Based on their experience with previous product introductions, warranty costs are expected to approximate $4\%$ of sales. Sales and actual warranty expenditures for the first year of selling the product were: SalesActual Warranty Expenditures$ $5,950,000$$ $43,750$ Required: Does this situation represent a loss contingency? Prepare journal entries that summarize sales of the awnings $($assume all credit sales$)$ and any aspects of the warranty that should be recorded during $2024.$ What amount should Cupola report as a liability at December $31,2024?$ Prev Question $19$ of $19$ Total$19$ of $19$ Visit question mapThis is the last question in the assignment. To submit, use Alt $+$ S$.$ To access other questions, proceed to the question map button.Next