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Happy Trails guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 7% of sales. Assume that the Happy Trails

Happy Trails guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 7% of sales. Assume that the Happy Trails dealer in Colorado Springs made sales totaling $400,000 during 2024. The company received cash for 40% of the sales and notes receivable for the remainder. Warranty payments totaled $21,000 during 2024

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