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Luke's Car Corp. (LCC) sells the Exotica 3000, a luxury automobile for $200,000. A fiveyear "bumper to bumper" (all inclusive) warranty on this vehicle can be purchased for $20,000 by interested parties up to one year after the purchase date of the car. The car and warranty can be purchased as a package at time of sale for $215,000.
Round percentages to one decimal place - for example, 5.5%.
Required:
Question 1: Prepare journal entries pertaining to this transaction for January 1, 20X5, and December 31, 20X5, together with a summary journal entry to record the cost of meeting the warranty obligations in 20X5.
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