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uring 2020, Hans Electronics sold 350 microwaves each at $1,050 per unit. Each microwave has...

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Accounting

uring 2020, Hans Electronics sold 350 microwaves each at $1,050 per unit. Each microwave has one-year warranty. Hans estimates it will cost them $82 per unit, if a unit is brought in under warranty for repair. During 2020, Smith spent $17,500 on warranty costs for the appliances sold in 2020. At the end of the 2020 the warranty liability and the warranty expense related to these sales would be

Multiple Choice

  • Warranty liability: 17,500; Warranty expense: 17,500

  • Warranty liability: 15,500; Warranty expense: 15,500

  • Warranty liability: 11,200; Warranty expense: 28,700

  • Warranty liability: 11,200; Warranty expense: 17,500

  • Warranty liability: 17,500; Warranty expense: 15,200

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