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Martinez's R Us sold 1160 high end convection ovens during 2023 at a price of $1612.. with a warranty guarantee that the product was free
Martinez's R Us sold 1160 high end convection ovens during 2023 at a price of $1612.. with a warranty guarantee that the product was free from any defects. The cost of each oven is $1100 and includes a $10 one-year assurance warranty. In addition, Martinez's R Us sold extended warranties on 680 ovens For four years beyond the one-year period for $210800. What is the value of the warranty expense that Martinez's R US should recognize?
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
