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Spares Co. sells products under a two-year assurance-type warranty. The estimated cost of warranty repairs is 2% of net sales. In 2019, Spares sold $3

Spares Co. sells products under a two-year assurance-type warranty. The estimated cost of warranty repairs is 2% of net sales. In 2019, Spares sold $3 million in products.

Record the journal entries for the warranties associated with these sales.

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