Which of the following statements is incorrect? The expected cost of the warranty should be...
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Finance
Which of the following statements is incorrect? The expected cost of the warranty should be recorded as a warranty payable on the balance sheet and a warranty expense in the income statement. A company issued a 6-month note of $480,000 on Dec 1, 2020, with an annual rate of 3%. It should accrue $2,400 interest as of Dec 31, 2020. The accrued interest should be recorded as interest payable on the balance sheet and interest expense in the income statement. Uneamed revenue is money received from a customer for work that has not yet been performed. It is recorded on balance sheet as a liability
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