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Question - Liefer Company sells refrigerators with an embedded 3-year warranty. During 2022, Liefer sold 20,000 refrigerators of which, 4 percent are estimated to need some sort of repair under the warranty period. The best estimate is that each repair will average $50. No warranty repairs were made in 2022 for these sales. At the end of 2023, repairs under warranty totaled $16,000 and an analysis revealed that Liefer may need to spend $25,000 for repairs in the coming year under the warranty.
Required -
A. Record warranty expense in 2022.
B. Record the repairs performed in 2023.
C. Record the journal entry necessary to report the correct balance in warranty payable at the end of 2023.
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