Business, 14.04.2020 17:26, elias37

Rich Company sells yachts. The yachts have a standard two year warranty included in the sales price and an optional additional two-year extended warranty available for purchase. Tiger Woods bought 1 yacht on January 1, 20X1, information on the sale is below. He bought the extended warranty. Sales price 10,000,000 Cost of goods sold 8,510,000 Extended warranty sales price 680,000 Estimated costs for warranty Standard warranty 280,000 Extended warranty 442,000 Actual cost of warranty work performed Warranty cost in 20X1 115,000 Warranty cost in 20X2 129,000 Warranty cost in 20X3 258,000 Warranty cost in 20X4 313,000 Assuming no taxes, what is the net income (revenues less expenses) recognized in 20X3 from this sale?

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Rich Company sells yachts. The yachts have a standard two year warranty included in the sales price...