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What is the warranty expense

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Question - Bold Company estimated the annual warranty expense at 2% of annual net sales. The net sales for 2016 amounted to P4,000,000.

On January 1, 2016, the warranty liability was P60,000 and the warranty payments during 2016 totaled P50,000.

What is the warranty expense for 2016?

a. 70,000

b. 50,000

c. 80,000

d. 60,000

Reference no: EM132868717

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