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On October 6, 2023, Norwood Co, an office equipment suppller, sold a copier for cash of $16.000 (cost $11,400) with a two-year parts and labour warranty. Based on prior experience. Norwood expects eventually to incur warranty costs equal to 5% of the selling price. The fiscal year coincides with the calendar year. On January 15, 2024, the customer returned the copler for repairs that were completed the same day. The cost of the repairs consisted of $206 for the materials taken from the parts inventory and $368 of labout that was fully paid with cash. These were the only repairs required in 2024 for this copier. Required: 1. How much warranty expense should the company report in 2023 for this copler? 2. How much is the warranty liability for this copier as of December 31,2023 ? 3. How much warranty expense should the company report in 2024 for this copler? 4. How much is the warranty llability for this copier as of December 31, 2024? 5. Prepare the journal entries that would be made to record (a) the sale (assume a perpetual inventory system) (b) the adjusiment on December 31, 2023, to record the warranty expense; and (c) the repairs that occurred in January 2024. Ignore sales taxes. 4. How much is the warranty liability for this copier as of December 31,2024 ? 5. Prepare the journal entrles that would be made to record (a) the sale (assume a perpetual inventory system); (b) the adjustment on December 31, 2023, to record the warranty expense; and (c) the repairs that occurred in January 2024. Ignore sales taxes. Journal entry worksheet Note: Enter debits before credits. 5. Prepare the journal entries that would be made to record (a) the sale (assume a perpetual inventory system); (b) the adjustment on December 31, 2023, to record the warranty expense; and (c) the repairs that occurred in January 2024, Ignore sales taxes. Journal entry worksheet 5. Prepare the journal entries that would be made to recoid (a) the sale (assume a perpetual inventory system); (b) the adjustment on December 31, 2023, to record the warranty expense; and (c) the repairs that occurred in January 2024. Ignore sales taxes. Journal entry worksheet Rote: Lntr dehits before credits. 5. Prepare the journal enties that would be made to record (a) the sale (assume a perpetual inventory system); (b) the adjustment on December 31, 2023, to record the warranty expense: and (c) the repairs that occurred in January 2024. Ignore sales taxes. Journal entry worksheet Record the warranty expense for the copier sold in 2023. Note: Eriter debits before credits. 5. Prepare the journal entries that would be made to record (a) the sale (assume a perpetual inventory system); (b) the adjustment on December 31, 2023, to record the warranty expense; and (c) the repairs that occurred in January 2024. Ignore sales taxes. Journal entry worksheet Record the cost of warranty repairs. Nate: Enter debits before credits

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