6. Landcaster Inc. sells its products with a two-year service type warranty. On January 1,...
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6. Landcaster Inc. sells its products with a two-year service type warranty. On January 1, year one, Lancaster South 60 machines for $2500 each, on account Lancaster determines that the machines normally sell for $2275 each and the service type warranty could be purchased for $225 per machine. In year one, Lancaster pays $5000 for warrantee costs. Required Prepare Lancasters journal entry is related to the sales and warrantee in year one. Prepare the necessary journal entries to record: 1. The sale of 60 machines on account on January 1 2. The warranty costs paid during that year 3. The warrantee revenue earned in year one
Required
Prepare Lancasters journal entry is related to the sales and warrantee in year one.
Prepare the necessary journal entries to record:
1. The sale of 60 machines on account on January 1
2. The warranty costs paid during that year
3. The warrantee revenue earned in year one
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