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Exercise 2 Clean Air Corporation sells central home air conditioning units under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2017, the corporation sells for cash 1,200 air conditioning units at a unit price of $4,100 (cost to Clean Air equaled $3,400). Based on past $150 for parts and $200 forlabor per unit. (For simplicity, assume that all sales occurred December 31, 2017) The warranty is not sold separately from the air conditioning units, and Clean Air expects to incur 45% of the warranty expense in the first year. experience, the 2-year warranty costs are estimated to be a. Record any necessary journal entries in 2017, applying the expense warranty accrual method. b. What liability relative to these transactions would appear on the December 31, 2017, balance sheet and how would it be classified if the expense warranty accrual method is applied? In 2018, the actual warranty costs to Clean Air Corporation were $73,250 for parts and $122,500 for labor c. Record any necessary journal entries in 2018, applying the expense warranty accrual method. Print Layout ViewSec 1 of 2 Words: 279 of 547LS 3310 t 14 3 MacBook Fl F2 00D FA F3