Question: Beekeepers Corporation sells navigation systems for $ 1 , 8 5 0 each, which includes a 3 - year warranty that requires Bee to perform

Beekeepers Corporation sells navigation systems for $1,850 each, which includes a 3-year warranty that requires Bee to perform periodic services and replace defective parts. During 2023, Bee sold 900 of these systems on account. The company\'s best estimates are based on past experience and Bee estiates the total 3-year warranty costs at $92 for parts and $98 for labour. ( You can assume all sales occured on December 31,2023). In 2024, Bee incurred actual warranty costs related to their prior year sales of $38,000 for parts and $43,000 for labour. Using the assurance type warranty approach, prepare the journal entries for 2023 and 2024.

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