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Question - On January 01 2021, a company sold 30,000.00 cotton candy machines at $50.00 each, which included a one-year warranty on parts and service if a defective machine was returned to the company.
The company estimated that 6% of the machines would be returned for repair, incurring a repair cost of $35/machine.
During 2021, the company spent $45,000.00 on repairs.
The company uses the sales warranty accrual method to account for its warranty obligations.
What is the recorded unearned warranty revenue on January 01 2021?
a) $45,000.00 (incorrect)
b) $0.00
c) $63,000.00
d) $54,000.00
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