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Prepare the relevant journal entries

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Question - The Fryers Plus Superstore sold 8,000 air fryers in 2020 at $104 for each one. During 2020, they spent $11,000 servicing the 4 year warranties that come with the fryers. 

Assume that the Fryers Plus Superstore estimates the service warranties will have a total cost of $80,000 over 4 years.    

Required - Using the expense warranty approach, prepare the relevant 2020 journal entries based on the information above.

Reference no: EM132902844

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