Simple sales company sold 6000 washing machines on March 10, 2016, for $5,000 a piece, together with a 1-year warranty. Maintenance on each washing machine during the warranty period is estimated to be $420. Actual warranty costs (inventory) incurred in 2016 were $ 25,000.

Required: - Prepare entries to record the following:

a) Sale of the washing machines.

b) Related warranty costs.

c) The accrual on December 31, 2016.

Spring 2021 Question One ( 70 points) Simple sales company sold 6000 washing machines on March 10, 2016, for $5,000 a piece, together with a l-year warranty. Maintenance on each washing machine during the warranty period is estimated to be $420. Actual warranty costs (inventory) incurred in 2016 were $ 25,000. Required: - Prepare entries to record the following: a) Sale of the washing machines. (20marks) b) Related warranty costs. (20marks) c) The accrual on December 31, 2016. (30marks)