ASAP plz

1)

During 2019, Daniel Company sold 1,000 machines with a one-year warranty. The company estimated that 4% of the machines will be defective and the warranty repair cost is $60 per machine. In 2019, the company honors warranty contracts for 15 machines.

The adjusting entry to accrue the estimated warranty costs is: *

Debit Warranty Expense $8,000 Credit Warranty Liability $8,000

Debit Warranty Expense $2,400 Credit Warranty Liability $2,400

Debit Warranty Liability $8,000 Repair Parts $8,000

Debit Warranty Liability $2,400 Repair Parts $2,400

None of the above

The entry to record the honoring of warranty contracts in 2019 will include: *

Debit Warranty Liability $900

Credit Cash $900

Debit Repair Parts $480

Debit Warranty Expense $900

None of the above

If the entry to record the honoring of warranty contracts in January 2020 is amounted for $240 then the honored warranty contracts are: *

14,400 machines

240 machines

9.6 machines

4 machines

None of the above

2)

Sam Corporation was organized on January 1, 2018. During its first two years, the corporation issued 1,000 cumulative preferred stock, $100 par, with a 10% dividend rate and 50,000 shares of $10 par value common stock. The corporation did not pay any dividends in its first two years. On December 31, 2020, Sam Corporation declared total dividends of $70,000.

The journal entry to record the declaration of cash dividend at December 31, 2020 includes: *

Credit Cash

Debit Dividend Payable

Credit Dividend Expense

Debit Cash Dividend

None of the above

The total amount of cash dividends that will be paid to preferred shareholders is: *

$40,000

$30,000

$20,000

$10,000

None of the above

The total amount of cash dividends that will be paid to common shareholders is: *

$40,000

$30,000

$20,000

$10,000

None of the above