Carpenter Inc. estimates warranty expense at 3% of sales. Sales during the year were $8 million and warranty expenditures were $53,000. What was the balance in the Warranty Liability account at the end of the year? $202,000. $240,000 $187,000 $53,000

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Q: A company estimates that warranty expense will be 3% of sales. The company's sales for the current…

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