On December 31, 2017, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando includes a
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Instructions
(a) Prepare the journal entry to record this transaction on December 31, 2017.
(b) Repeat the requirements for (a), assuming that, in addition to the assurance warranty, Grando sold an extended warranty (service-type warranty) for an additional two years (2019-2020) for $800.
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a Cash 48800 1200 50000 Warranty Expense 1200 Warranty Liabil...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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