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Concord Factory provides a 2-year warranty with one of its products which was first sold...

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Accounting

Concord Factory provides a 2-year warranty with one of its products which was first sold in 2017. Concord sold $932,500 of products subject to the warranty. Concord expects $137,130 of warranty costs over the next 2 years. In that year, Concord spent $66,530 servicing warranty claims. Prepare Concords journal entry to record the sales (ignore cost of goods sold) and the December 31 adjusting entry, assuming the expenditures are inventory costs.

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