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To support herself while attending school, Daun De, ch sold tereo systems to other students. Du, g operations, Daun purchased the stereo systems for $210,000 and sold them for $320,000 cash. She with a one-year warranty against defects in parts and iabor Based on industry standards, she estimated that warrar would amount to 2 percent of sales. During the year, she paid $3,520 cash to replace a defective tuner Required Prepare an income statement and statement of cash flows for Daun's first year of operation. (Statement of Cash Fle items to be deducted must be indicated with a negative amount.) Answer is complete and correct. DAUN'S STEREOS State |$ 320,000 01210000) 110.000 Cost of goods sold 6.400 103,600 Next > 6 Statement of Cash $ 320,000 (210,000) Inflow from customers Outflow for warranty expense(3.520) Inflow from expenses | 106.4800 212,960 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities $212,960 Ending cash balance $212,960 What is Daun's total warranties liability at the end of the accounting period? Answer is complete but not entirely correct. s 3,150 C To support herself while attending school, Daun De, ch sold tereo systems to other students. Du, g operations, Daun purchased the stereo systems for $210,000 and sold them for $320,000 cash. She with a one-year warranty against defects in parts and iabor Based on industry standards, she estimated that warrar would amount to 2 percent of sales. During the year, she paid $3,520 cash to replace a defective tuner Required Prepare an income statement and statement of cash flows for Daun's first year of operation. (Statement of Cash Fle items to be deducted must be indicated with a negative amount.) Answer is complete and correct. DAUN'S STEREOS State |$ 320,000 01210000) 110.000 Cost of goods sold 6.400 103,600 Next > 6 Statement of Cash $ 320,000 (210,000) Inflow from customers Outflow for warranty expense(3.520) Inflow from expenses | 106.4800 212,960 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities $212,960 Ending cash balance $212,960 What is Daun's total warranties liability at the end of the accounting period? Answer is complete but not entirely correct. s 3,150 C