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Question -
During 2012, NASA Co. produced a new line of computers that carry a three-year warranty against manufacturer's defects. Based on industry experience, NASA Co. estimated warranty costs at 1% of sales in the year of sale, 2% in the year after sale, and 3% in the second year after sale. Sales and actual warranty expenditures for the first three-year of operations were as follows:
Year
Sales
Actual Warranty Expenditures (paid in cash)
2012
$300,000
$5,000
2013
750,000
12,000
2014
2,000,000
40,000
Total
$3,050,000
$57,000
Required:
1- Prepare journal entries necessary to record the warranty liability and warranty expenditure in each year.
2- What amount should NASA report as a balance of the Warranty Liability account at December 31, 2014?
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