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Prepare the journal entries to record the sale

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Question - Frigid Temperatures Inc. has sold 1,000 refrigerators during 2020 at a total price of $ 1,620,000, with a warranty guarantee that the product was free from any defects. The cost of the refrigerators sold was $1,080,000. The warranty covers one year, with an estimated cost of $ 10,000. In addition, Frigid Temperatures Inc. sold extended warranties on 600 refrigerators for four years beyond the one-year period for $210,000.

Required - Prepare the journal entries to record the sale and related warranties for 2020.

Reference no: EM132546456

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