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Show calculations of warranty repairs and warranty liability

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Question 1: Canton Repairs offers a warranty on sewing machines that it sells. During 2021, Canton Repairs sold 1,000 machines at $800 each. Canton Repairsestimates that 5% of the machines will be brought back for warranty repairs at an average cost of $75 per repair. During 2021, 10 machines were repaired under warranty claims at a total cost of $845. Show calculations of warranty repairs and warranty liability and journal entry.

Reference no: EM132604673

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Show calculations of warranty repairs and warranty liability : Canton Repairs offers a warranty on sewing machines, Show calculations of warranty repairs and warranty liability and journal entry.
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