Early in 20XX, Asgaard Smiths sold 500 hammers at $6,000 each together with a 1-year...
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Accounting
Early in 20XX, Asgaard Smiths sold 500 hammers at $6,000 each together with a 1-year warranty. Maintenance on each hammer during the warranty period is estimated to be $900. Actual warranty costs incurred during 20XX were $270,000. 1. Prepare the entry to record incurred warranty costs (inventory) during 20XX. Dainte Value- 5 2. Prepare the entry to accrue any warranty any remaining warranty costs as of December 31,20xX
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