> Question 5 - Current and Long-Term Liabilities (10 marks) - ILOs A1, B1, C1 20 minutes Q5 - A On June 1, 2021, Paraffin Co. sold a printer that costs $3,800 for $5,500 cash with a two-year parts warranty to a customer. On January 12 of Year 2, the printer required onsite repairs that were completed on the same day. The repairs costed $220 for materials taken from the Repair Parts Inventory. These are the only repairs required for this printer. Paraffin expects warranty costs to be 8% of dollar sales. It records warranty expense with an adjusting entry on December 31 of Year 1 . ( 5 marks) - Required - Compute and prepare the necessary journal entries: a. Prepare the journal entry to record the adjustment on December 31 of Year 1 to record the warranty expense. ( 3 marks) b. Prepare the journal entry to record the repairs that occur on January 12 of Year 2. (O marks)