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Estimate revenues to be recognized on a straight line basis

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Question 1: Crow sold 3,000,000 worth of machines in 2020. Prepare 2020 entries for Crow assuming that the warranties are not an integral part of the sale ( a service type warranty). Assume that of the sales total, 56,000 relates to sales of warranty contracts. Warranty costs incurred n 2020 were 20,000. Estimate revenues to be recognized on a straight line basis.

Problem 1: You know the cash is 3,000,000, the unearned warranty is 56,000 and the sales revenue is 2,944,000 but I am uncertain on how to handle the estimating of revenues. I was taking 56,000 / 2 years to get 28,000 straight lined. However, I am uncertain on whether I need to reduce the 56,000 in warranty sales by the 20,000 that was expensed in 2020?

Reference no: EM132461922

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