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Prepare the entry to reflect the sale of stove on december

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Question :

Aylmer Inc sells stoves for $1,500 each. Each stove has a 4 years warranty. It is estimated that the warranty costs at $125 for parts and labor. Similar warranties are sold for $150 each. Aylmer sold 480 stoves. Aylmer incurred cost of $10,000 to senrice the warranties in 2015. Using the revenue approach, prepare the entries to reflect:

(i) The sale of stove on December 31, 2014

(ii) Any other related journal entries required in 2015

Reference no: EM132325706

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