(Solved): Vaughn Company sells automatic can openers under a 75-day warranty for defective merchandise. Based ...

Vaughn Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Vaughn estimates that \( 3 \% \) of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is \( \$ 20 \). The units sold and units defective that occurred during the last 2 months of 2022 are as follows. (a) Prepare the journal entry to record the costs incurred in honoring \( 1.273 \) warranty claims. (Assume actual costs of \( \$ 25.460 \) ) (Credit account titles are automatically indented when mount is entered. Do not indent monually) Prepare the joumal entry to record the warranty liability at December 31 for the units sold in November and December. (Crodtt account titles ore outomatically indented when amount is entered. Do not indent manualhy) eTextbook and Media List of Accounts Last saved 2 days age Attempts: 0 of 3 used Saved work will be asto-bubmitted on the due date Auto tabmision can take op to 10 minutes. (c) The parts of this question must be completed in order. This puir t will be a aidable wh en weu complete the part above.