the balance of the warranty liability at december 31 2014 should be 611047

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:

2013

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2014

Sales

$400,000

$500,000

Actual warranty expenditures

10,000

38,000

The balance of the warranty liability at December 31, 2014 should be:

  1. $12,000.
  2. $42.000.
  3. $44,000.
  4. $50,000.
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