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Prepare all appropriate journal entries including the sale

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Question - On January 1, 2020, Wildhorse Ltd. sold on account 1,200 units of its product for a total price of $547,000 and a cost of $453,000. The products have a one-year assurance-type warranty and Wildhorse estimates that the cost will be $26,800. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,900, paid in cash.

Required - Prepare all appropriate journal entries including the sale of merchandise.

1. To record the sale

2. To record the cost of goods sold

3. To record warranty costs

Reference no: EM133053811

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