Question 5.4 (Total: 14 marks; 2 marks per line) Frigid Temperatures Inc. has sold 1,000 refrigerators during 2020 at a total price of $ 1,620,000, with a warranty guarantee that the product was free from any defects. The cost of the refrigerators sold was $1,080,000. The warranty covers one year, with an estimated cost of $ 10,000. In addition, Frigid Temperatures Inc. sold extended warranties on 600 refrigerators for four years beyond the one-year period for $210,000. Required Prepare the journal entries to record the sale and related warranties for 2020. Project Total Billings Cash contract through collections through Price 12/31/20 12/31/20 $ 615,000 $340,000 $310,000 450,000 135,000 135,000 C 475,000 475,000 390,000 D 600,000 240,000 160,000 480,000 400,000 400,000 $ $1,395,000 2,620,000 1,590,000 Project Contract costs incurred through 12/31/20 Estimated additional costs to complete contracts $510,000 $ 120,000 130,000 260,000 350,000 D 370,000 290,000 E 320,000 80,000 $ 1,680,000 $750,000 Each contract is with a different customer. Any work remaining to be done on the contracts is expected to be completed in 2021. Required 1. Prepare a schedule by project, calculating the amount