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On April 1, 2021, Serenity Now Inc. sold a massage chair for $6,300 with a...

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Accounting

On April 1, 2021, Serenity Now Inc. sold a massage chair for $6,300 with a one-year warranty that covers parts and labour. Based on past history, serenity now estimates that warranty expense will be 1.5% of the sale price. Assuming the company has a credit balance of $1,000 in their estimated warranty liability account, what will be their new balance after recording the estimated warranty expense on the massage chair.

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