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Sheryl Crow Equipment Company sold 500 Rollomatics during 2015 at $6,000 each. During 2015, Grow spent $30,000 servicing the 2-year warranties that accompany the Rollomatic.

Sheryl Crow Equipment Company sold 500 Rollomatics during 2015 at $6,000 each. During 2015, Grow spent $30,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.

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Prepare 2015 entries for Crow. Assume that Crow estimates the total cost of servicing the warranties will be $120,000 for 2 years.

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