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Question - On December 31, 2017, Barone Company sells production equipment to Fargo Inc. for $75,000. Barone includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2017. Barone estimates $1,800 for the cost of the assurance warranty. The cost of the equipment is $50,000. In addition to the assurance warranty, Barone sold an extended warranty (service-type warranty) for an additional 2 years (2019-2020) for $1,200.
Required -
1) Prepare the journal entries to record this transaction on December 31, 2017.
2) Barone incurred $150 costs to repair defects on March 1, 2019. Prepare all journal entries on March 1, 2019 and December 31, 2019.
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