Business, 10.10.2019 00:30 ayoismeisalex

During 2016, rao co. introduced a new line of machines that carry a three-year warranty against manufacturer's defects. based on industry experience, warranty costs are estimated at 2% of sales in the year of sale, 3% in the year after sale, and 4% in the second year after sale. sales and actual warranty expenditures for the first three-year period were as follows: (assume the accrual method) sales actual warranty expenditures 2016 $1,600,000 $ 39,000 2017 2,500,000 65,000 2018 2,100,000 135,000 $6,200,000 $239,000 what amount should rao report as a liability at december 31, 2018? group of answer choices $0 $319,000 $71,000 $84,000

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