Great Appliance Store sells 1,000,000 microwave ovens during the month of December 2019. The microwaves come with a two year warranty. Great Appliance Store estimates, based on past experience, that 5% of these microwaves will need repair during the warranty period at an average cost of $15 per incident. During 2020 and 2021, Great Appliance Store incurs warranty costs of $275,000 and $350,000, respectively. Prepare all of the journal entries required by Great during 2019, 2020 and 2021 related to the warranty.

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2019To record estimated warranty expense for December 2019 sal... View the full answer