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What is the balance in the warranty liability account

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Problem: Sierra Inc. manufacturers environmentally friendly appliances. It offers a two-year warranty standard. In Year 1, Sierra sold 450,000 toasters. Past experience has told Sierra that approximately 4 percent of the toasters require repair at an average cost of $10 each. During Year 1, Sierra actually spends $38,000 and during Year 2, Sierra actually spends $105,000.

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Question: What is the balance in the warranty liability account at the end of year 2? Can you please help me by providing the authentic solution of this problem.

Reference no: EM132419228

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