The amounts to report at December 31, 2019 are:
- Unearned warranty revenue $12,000
- Warranty liability $40,000
<h3>Amount to reported on income and balance sheet:</h3>
Amount reported in Income
Sales revenue $1,000,000
Warranty expenses $40,000
Amount reported on the balance sheet:
Unearned service revenue $12,000
Cash $1,012,000
($1,000,000 + $12,000)
Warranty liability $40,000
Inconclusion the amounts to report at December 31, 2019 are: Sales revenue $1,000,000, Warranty expense $40,000, Unearned warranty revenue $12,000, Warranty liability $40,000 and Cash $1,012,000.
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