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Explain estimated liability on warranty

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During 2021, Arthur Vacuum Co. introduced a new line of vacuums that carry a two-year warranty against manufacturer's defects. Based on industry experience, warranty costs are estimated at 9% of sales. Total sale of the year is $2,100,000, and the company has actually expended $104,000 on warranty repairs. What amount should Arthur report as an estimated liability on warranty at December 31, 2021?

Reference no: EM133205372

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