I just need two parts to be done. ( need the solution) On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company’s cost per new razor is $16 and its retail selling price is $60 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 5% of dollar sales. The following transactions and events occurred. 2016Nov. 11 Sold 60 razors for $3,600 cash. 30 Recognized warranty expense related to November sales with an adjusting entry.Dec. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $10,800 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 2017Jan. 5 Sold 120 razors for $7,200 cash. 17 Replaced 29 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry.Part 1: What is the balance of the Estimated Warranty Liability account as of December 31, 2016?What is the balance of the Estimated Warranty Liability account as of January 31, 2017?Part 2:Im gonna upload a pic




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