Reference no: EM133609124
Question: During Year 1, Lawton Company introduced a line of machines that carry a 3-year assurance-type warranty against manufacturer's defects. Based on industry experience, warranty costs are estimated as 12% of sales, with expected expenditures of 2% of sales in the year of sale, 4% in the year after sale, and 6% in the second year after sale. Sales and actual warranty expenditures for the first 3-year period were as follows: A table is presented with three columns. The first column has no header. The second and third column headers are: Sales, and Actual Warranty Expenditures. The data are as follows: Year 1: Sales, $200,000; Actual Warranty Expenditures, $3,000; Year 2: Sales, 500,000; Actual Warranty Expenditures, 15,000; Year 3: Sales, 700,000; Actual Warranty Expenditures, 45,000 (a single rule below the value 700,000, 45,000); No value: Sales, $1,400,000; Actual Warranty Expenditures, $63,000 (a double rule below the value $1,400,000, $63,000). What amount should Lawton report as a liability at December 31, Year 3?
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