In 2014, Song Company introduces a new product that includes a two-year warranty on parts. During 2014,
Question:
(a) Prepare an adjusting entry at December 31, 2014, to accrue the estimated warranty cost.
(b) Assume that the warranty contract was honoured on 25 units during 2014 for a total cost of $2,125 to replace defective parts. Prepare an entry dated December 31 to record honouring these warranties.
(c) Calculate the profit earned by the company during 2014 on this new product.
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a Dec 31 Warranty Expense 10625 Warranty Liability 10625 ...View the full answer
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