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How much is the total liability to be reported

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Question - In 2020, EDSA Company began selling a new line of television that carry a two year warranty against defects. Based upon past experience with other products , the entity estimated warranty cost as a percentage of peso sales. First year of warranty 2%, Second year warranty 5%. In 2020 Total sales amounted to 5 million and actual warranty cost incurred amounted to 100,000 while in 2021 Total sales amounted to 7,000,000.00 and actual warranty cost amounted to 300,000.00. In addition, the company were able to sell extended warranty for 60,000 in 2020 and 80,000 in 2021. How much is the total liability to be reported for 2021?

Reference no: EM132928243

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