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Jing Fang Su Equipment Company sold 1,500 Rollomatics during 20X8 at $8,000 each. During 20X8, Jing Fang Su spent $180,000 servicing the two-year warranties that accompany the Rollomatic. All applicable transactions were on a cash basis.
Required:
Problem 1: Prepare 20X8 the entries for Jing Fang Su using the warranty expense treatment. Assume that Jing Fang Su estimates the total cost of servicing the warranties to be $450,000 for two years.
Problem 2: Prepare 20X8 entries for Jing Fang Su assuming that the warranties are not an integral part of the sale. Assume that of the sales total, $600,000 relates to sales of warranty contracts. Jing Fang Su estimates the total cost of servicing the warranties will be $450,000 for two years. Estimate revenues earned on the basis of costs incurred and estimated costs.
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