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Other acerued liabilities-warranties Kohl Co. provides warranties for many of its products. The January 1, 2022, balance of the Estimated Warranty Liability account was $25,100.
Other acerued liabilities-warranties Kohl Co. provides warranties for many of its products. The January 1, 2022, balance of the Estimated Warranty Liability account was $25,100. Based on an analysis of warranty claims during the past several years, this year's warranty provision was established at 0.3% of sales. During 2022 , the actual cost of servicing products under warranty was $9,300, and sales were $2,600,000. Required: a. What amount of Warranty Expense will appear on Kohl Co.'s income statement for the year ended December 31 , 2022? b. What amount will be reported in the Estimated Warranty Liability account on the December 31, 2022, balance sheet
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