At the beginning of 2018, Angel Corporation began offering a 1-year warranty on its products. The warranty program was expected to cost Angel 4% of net sales. Net sales made under warranty in 2018 were $210 million. Five percent of the units sold were returned in 2018 and repaired or replaced at a cost of $7.0 million. The amount of warranty expense on Angel’s 2018 income statement is:On April 1, Online Travel issues $11.6 million of commercial paper with a maturity on December 31 and a 7% interest rate. Record the issuance of the commercial paper and its repayment at maturity. On April 1, Online Travel issues $11.6 million of commercial paper with a maturity on December 31 and a 7% interest rate. Record the issuance of the commercial paper and its repayment at maturity.

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