Question: Need help with this During 2018, Jones Co. introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to sales

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During 2018, Jones Co. introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to sales are 4% within 12 months following sales and 8% in the second 12 months following sale.Sales and actual warranty expenditures for the years ended December 31. 2018 and 2019 are as follows: Actual Warranty Sales Expenditures 2018 $800,000 $24,000 2019 _'|.0_00,M AIM $1,800,000 $84,000 What amount should Jones report as estimated warranty liability in its December 31, 2019, balance sheet

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