D. Scott Corporation provides a two-year warranty with the sale of its product. Scott estimates that warranty costs will equal 4% of the selling price the first year after sale and 6% of the selling price the second year after the sale. The following data are available:
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the balance of the warranty liability at december 31 2014 should be 611047
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2014 |
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Sales |
$400,000 |
$500,000 |
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Actual warranty expenditures |
10,000 |
38,000 |
The balance of the warranty liability at December 31, 2014 should be:
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