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Cornerstone Exercise 8-31 (Algorithmic) Warranties In 2019, BMJ Plumbing Company sold 380 water heaters for $780 each. The water heaters carry a 2-year warranty for

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Cornerstone Exercise 8-31 (Algorithmic) Warranties In 2019, BMJ Plumbing Company sold 380 water heaters for $780 each. The water heaters carry a 2-year warranty for repairs. BMJ Plumbing estimates that repair costs will average 1% of the total selling price. Required: 1. How much is recorded in the warranty liability account as a result of selling the water heaters during 2019, assuming no warranty service has yet been performed? 2. Prepare the necessary adjusting entry at December 31, 2019. Dec. 31 (Record warranty expense)

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