Shady sold a car for 7,500 on January 1, 2017. Shady estimates the assurance-type warranty costs on the car to be 175 (Shady will pay for repairs for the first 36,000 miles or three years, whichever comes first). Shady also sold for 225 a service-type warranty for an additional three years or 36,000 miles. Shady incurs warranty costs related to the assurance-type warranty of 125 in 2017 and 50 in 2018. Shady records revenue on the service-type warranty on a straight-line basis. Required: 1. Prepare the entries 2020? 2. Show the impact of these transactions on the financial statements in 2017 and 2020.

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QUESTION 22 Shady sold a car for 7.500 on January 1, 2017. Shady estimates the assurance-type warranty costs on the car to be 175 (Shady will pay for repairs for the first 36,000 miles or three years, whichever comes first), Shady also sold for 225 a service-type warranty for an additional three years or 36,000 miles. Shady incurs warranty costs related to the assurance-type warranty of 125 in 2017 and 50 in 2018. Shady records revenue on the service-type warranty on a straight-line basis. Required: 1. Prepare the entries for 2017 and 2020? 2. Show the impact of these transactions on the financial statements in 2017 and 2020. TT T Arial 3 (12pt) T.EE QUESTION 22 Shady sold a car for 7.500 on January 1, 2017. Shady estimates the assurance-type warranty costs on the car to be 175 (Shady will pay for repairs for the first 36,000 miles or three years, whichever comes first), Shady also sold for 225 a service-type warranty for an additional three years or 36,000 miles. Shady incurs warranty costs related to the assurance-type warranty of 125 in 2017 and 50 in 2018. Shady records revenue on the service-type warranty on a straight-line basis. Required: 1. Prepare the entries for 2017 and 2020? 2. Show the impact of these transactions on the financial statements in 2017 and 2020. TT T Arial 3 (12pt) T.EE