Question: Land caster Inc sells its products with a 2 yrear service type
Land caster Inc. sells its products with a 2-yrear service-type warranty. In Year 1, Landcaster sells 60 machines for $2,500 each. Landcaster determines that the machines normally' sell for $2,275 each and the service-type warranty' could be purchased for $225 per machine. In Year 1, Landcaster pays $5,000 for warranty' costs. Prepare Landcaster’s journal entries related to the sales and warranty' in Year 1.
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