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Does ken have a liability for the promise to fix computer

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Problem 1: Ken Computers offers one year warranty against defects for all new computers. About 3% of computers ultimately have a defect, based upon past averages. At the end of the fiscal period, does Ken have a liability for the promise to fix computers sold in the current period if they are defective in the future? Put another way, should Ken record a liability for computers that have not broken yet, but are likely to in the future? If you do not think they should recognize a liability in the current period, is there ever a liability that Ken should recognize?

Reference no: EM132985787

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