Business, 09.02.2022 07:40, lwaites18

Riverbed Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2020, the corporation sells for cash 364 computers at a unit price of $2,380. On the basis of past experience, the 2-year warranty costs are estimated to be $160 for parts and $200 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2020.) The warranty is not sold separately from the computer. Required:
a. Record any necessary journal entries in 2020.
b. What liability relative to these transactions would appear on the December 31, 2020, balance sheet and how would it be classified?
c. Record any necessary journal entries in 2020.

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Riverbed Corporation sells computers under a 2-year warranty contract that requires the corporation...