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Prepare ivanhoe journal entry for the recognition

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Reference no: EM132481386

Ivanhoe Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract. During 2020, Ivanhoe sold 20,000 warranty contracts at $63 each. The corporation spent $180,000 servicing warranties during 2020, and it estimates that an additional $900,000 will be spent in the future to service the warranties.

Quetsion 1: Determine and Prepare Ivanhoe's journal entry for the recognition of warranty revenue. Assume the service costs are inventory costs.

Reference no: EM132481386

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