Current Attempt in Progress

JMM Machinery Corporation, a private company following ASPE sold manufacturing equipment for $$2,500$ each. Each machin carried with it a two$-$year warranty against manufacturing defects. From experience, JMM Machinery Corporation determinec each machine sold would average $$296$ in replacement parts. In $2023,$ the company sold $1,000$ machines. Also, in $2023,$ the con incurred $$125,000$ in total repair costs $($the cost of replacement parts from inventory$).$ JMM Machinery Corporation also sold extended warranty for its machines. For $$460,$ customers could purchase an extended warranty that extended the warranty or machine for an additional two years of the customers that bought machines also purchased the extended warranty. Assun revenue is earned evenly over the two$-$year contract.

Prepare the journal entry to record the sale of the machines and extended warranties for cash. $($Ignore any cost of goods solc entry$).($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List al debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Sales Revenue