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Prepare the journal entries that blossom should make

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Blossom Company sold 8,000 Super Spreaders on July 1, 2020, at a total price of $900,000, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold is $400,000. The assurance warranties extend for a two-year period and are estimated to cost $35,000. Blossom also sold extended warranties (service-type warranties) related to 1,500 Spreaders for two years beyond the two-year period for $8,000.

Problem 1: Prepare the journal entries that Blossom should make in 2020 related to the sale and the related warranties.

Reference no: EM132703250

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