Ibotta, Inc. began 2022 with a warrantee liability of $500. The company sold 1,000 bicycles and expected 5% of them to be returns for warrantee repairs. On average warrantee repairs cost $30. During the year, the company spent $1,200 on repairs. What was the warrantee expense that Ibotta reported on the income statement for the year ended 12/31/2022?

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