1 Product guarantee and expense approach Chapelle Appliances sells dishwashers for $1,200 each, which includes a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2023, 2 Chapelle sold 600 dishwashers on account. Based on past experience, the company has estimated the total 2 -year warranty costs at $40 for parts and $75 for labour. (Assume sales all occur at December 31, 2023.) In 2024, Chapelle Company incurred actual warranty casts relative to 2023 dishwasher sales of $4,000 for parts and $7,500 for labour. Instructions Using the expense warranty approach, prepare the entries to reflect the above transactions (accrual method) 2023 and 2024
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