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Record the appropriate journal entries for the warranties

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Rotary Tools sells power tools and backs each product it sells with a one-year warranty against defects. Based on previous experience, the company expects warranty costs to be approximately 5% of sales. By the end of the first year, sales are $750,000. Actual warranty expenses incurred so far are $12,000.

Problem 1. Does this situation represent a contingent liability?

Problem 2. Record the appropriate journal entries for the warranties

Reference no: EM132843814

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