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Prepare entries for Crane

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Question - Early in 2017, Crane Equipment Company sold 500 Rollomatics during 2017 at $5,500 each. During 2017, Crane spent $18,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.

Required -

Prepare 2017 entries for Crane. Assume that Crane estimates the total cost of servicing the warranties will be $50,000 for 2 years.

Prepare 2017 entries for Crane assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $51,000 relates to sales of warranty contracts. Crane estimates the total cost of servicing the warranties will be $50,000 for 2 years. Estimate revenues to be recognized on a straight-line basis.

Reference no: EM132478684

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