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Jeep dealership reported the following information. The jeeps have a standard 2-year warranty, and the...

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Accounting

Jeep dealership reported the following information. The jeeps have a standard $2 -$ year warranty, and the company offers an extended warranty. Jeep sales were all in Year $20$ X $1 .$ Standard Warranty covers $20$ X $1$ and $20$ X $2$ ; Extended Warranty covers $20$ X $3$ and $20$ X $4 .$ Everyone bought the extended warranty at the time of sale.

Sales price $500, 000$

Cost of goods sold $350, 000$

Extended warranty sales price $31, 000$

Estimated costs for warranty

Standard warranty $5, 000$

Extended warranty $20, 000$

Actual cost of warranty work performed

Warranty cost in $20$ X $1 3, 000$

Warranty cost in $20$ X $2 3, 000$

Warranty cost in $20$ X $3 13, 000$

Warranty cost in $20$ X $4 14, 000$

Assuming no taxes, what is the net income or $($ loss $),$ revenues less expenses, recognized in $20$ X $2$ from this sale?

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