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Posted on Jul 20, 2024

On Dec. 1 , 2 0 2 1 , a dealer sells a car for $ 1 6 , 0 0 0 with a maximum

On Dec.

1, 2021,

a dealer sells a car for $

16, 000

with a maximum one

-

year or

12, 000

mile warranty covering parts. Experience indicates warranty expenses average

4 %

of a car's selling price. The current period's entry to record the warranty expense is:

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