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Determine the amounts to report for following at december

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Problem 1: Metlock Company sold 9,400 Super-Spreaders on December 31, 2020, at a total price of $874,200, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold is $526,400. The assurance warranties extend for a 2-year period and are estimated to cost $43,800. Metlock also sold extended warranties (service-type warranties) related to 2,000 spreaders for 2 years beyond the 2-year period for $12,000. Given this information, determine the amounts to report for the following at December 31, 2020: sales revenue, warranty expense, unearned warranty revenue, warranty liability, and cash.

Reference no: EM132683834

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