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Early in 2017, Kingbird Equipment Company sold 500 Rollomatics during 2017 at $ 5,500 each. During 2017, Kingbird spent $22,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Prepare 2017 entries for Kingbird. Assume that Kingbird estimates the total cost of servicing the warranties will be $ 60,000 for 2 years. (If no entry is required, select No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit At Sale During 2017 Dec 31,2017Prepare 2017 entries for Kingbird assuming that the warranties are not an integral part of the sale (a service-type warranty)Assume that of the sales total, $ 61,000 relates to sales of warranty contracts. Kingbird estimates the total cost of servicing the warranties will be $ 60,000 for 2 years. Estimate revenues to be recognized on a straight-line basis. (If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round intermediate calculations to 5 decimal places, e.g. 1.54657 answers to O decimal places, e.g. 5,125.) DateAccount Titles and Explanation Debit Credit To record warranty revenue)

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Ans 1 Scurmal Embies Pamahor Debt Credit Dale Cash A Lc Sales To eceod the Sall warsant Expense Atc$22000 те, cash $22 000 To ecosd warenty Expeme Peid im Cash 38000 Dec-3l 201子 Estmated waamty iabidihes $6op0o 22.00) Date Accaunts hitle and Exteangaten oebitcedkt Cash Alc to sales Revenve $26,39,00o warrent Extene Cash$2236 to asrants Pevenue 2236 t evenue account Thant yu anu Deubt Please comment

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