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Early in 2020, Sunland Equipment Company sold 500 Rollomatics at $6,300 each. During 2020, Sunland spent $20,000 servicing the 2-year assurance warranties that accompany the

Early in 2020, Sunland Equipment Company sold 500 Rollomatics at $6,300 each. During 2020, Sunland spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All sales transactions are on a cash basis.

(a)

Prepare 2020 entries for Sunland. Assume that Sunland estimates the total cost of servicing the warranties in the second year will be $34,000.

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