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Question - In 2017, ABC Corporation began selling a new line of ski products that carry a 2-year warranty against defects. Based upon past experience with other products, the estimated warranty costs are as follows:
1st year of warranty 2% of sales
2nd year of warranty 5% of sales
Sales and actual warranty expenditures for 2017 and 2018 are presented below:
2017
2018
Sales
$650,000
$400,000
Actual warranty expenditures
$30,000
$25,000
In 2019, ABC Used Car Ltd. sold a vehicle for $30,000 plus an extended warranty of $1,800. The vehicle's regular 1-year warranty is included in the price of the car. The extended warranty period is for three additional years or 120,000 kilometres after the regular warranty runs out.
Required - What would be the journal entry to record ABC's extended warranty in 2022?
please use financial accounting methods to make hypothesis and proof, then do the robustness analysis. need do the empirical research and need run data, complete process, hypothesis, modeling,run data,test data,robustness test.
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