Taylor, Inc, sells iPhones and offers a 2-year warranty program whereby if the iphone is...
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- Taylor, Inc, sells iPhones and offers a 2-year warranty program whereby if the iphone is broken it will replace the phone for free. Taylor had the following information for 2025:
- iPhone sales $1,000,000 in 2025 and $2,000,000 in 2026.
- The cost of replacing phones in 2025 was $120,000.
- The cost of replacing phones in 2026 was $300,000.
A. Prepare the journal entries for the warranty activity in 2025, excluding any year-end adjusting entries.
B. Prepare the journal entries for the warranty activity in 2026, excluding any year-end adjusting entries.
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