? Palmer Corporation had the following transactions relating to year-end liabilities: Palmer…
а Palmer Corporation had the following transactions relating to year-end liabilities: Palmer borrowed $100,000 on March 1 at an interest rate of 5%. Interest payments are due every six months. Palmer sells gift cards. The liability on January 1 was $1,000. Gift card sales in 2021 were $2,500 and a total of $3,000 in gift cards were redoomed. Palmer gives a two-year warranty with product sales. The beginning balance in the warranty payable account was $10,000. Total sales were $2,000,000 and the estimated warranty percentage is 2.50%. Actual claims paid in 2021 were $45,000. Required What is the amount of revenue to be recognized regarding gift cards? May 16 2022 03:09 PM
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