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Exercise 7-11 (Algo) Other accrued liabilities-warranties LO 7-5 Kohl Company provides warranties for many of...

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Accounting

imageimage Exercise 7-11 (Algo) Other accrued liabilities-warranties LO 7-5 Kohl Company provides warranties for many of its products. The January 1, 2022, balance of the Estimated Warranty Liability account was $55,940. Based on an analysis of warranty claims during the past several years, this year's warranty provision was established at 0.77% of sales. During 2022 , the actual cost of servicing products under warranty was $10,524, and sales were $4,919,500. Required: a. What amount of Warranty Expense will appear on Kohl Company's income statement for the year ended December 31, 2022? b. What amount will be reported in the Estimated Warranty Liability account on the December 31, 2022, balance sheet? Complete this question by entering your answers in the tabs below. What amount will be reported in the Estimated Warranty Liability account on the December 31,2022 , balance sheet? Note: Amounts to be deducted should be indicated by minus sign

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