5 Lasell Corp sold $10,000 (cost of goods sold) of watches for $25,000 (revenue) during the month of April 2015. Lasell has a 3 year warranty on all watches it sells; agreeing to replace any defective watch with a new watch. In April management estimated that $300 of the watches will require replacement under the warranty over the next 3 years. Assuming no other April transactions; what was Lasell's net income for the month of April 2015. (Use GAAP matching principles 14,700 Answer here a b During the next month; May 2015, Lasell sold no watches but did fulfill its obligation under the warranty by replacing $100 (cost) worth of watches from the April sales. Calculate the May net income. $ 14,600.00 Answer here It is now three years later and all of the warranties on the April 2015 watch sales have expired. However there is still $10 of warranty liability remaining. What accounting entry will Lasell make to adjust this balance to its proper balance of $0. Dr/Cr Accounts Amount Dr Cr 5 Lasell Corp sold $10,000 (cost of goods sold) of watches for $25,000 (revenue) during the month of April 2015. Lasell has a 3 year warranty on all watches it sells; agreeing to replace any defective watch with a new watch. In April management estimated that $300 of the watches will require replacement under the warranty over the next 3 years. Assuming no other April transactions; what was Lasell's net income for the month of April 2015. (Use GAAP matching principles 14,700 Answer here a b During the next month; May 2015, Lasell sold no watches but did fulfill its obligation under the warranty by replacing $100 (cost) worth of watches from the April sales. Calculate the May net income. $ 14,600.00 Answer here It is now three years later and all of the warranties on the April 2015 watch sales have expired. However there is still $10 of warranty liability remaining. What accounting entry will Lasell make to adjust this balance to its proper balance of $0. Dr/Cr Accounts Amount Dr Cr