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The beginning balance in the Warranty Payable account was $20,000. Sales were $750,000 and warranty costs were estimated at 5% of sales. During the year $45,000 was paid to settle warranty claims. As a result of these transactions, what is the amount of warranty expense for the year and what is the ending balance in Warranty Payable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430819

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