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13-54Copyright © 2013 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only) Ahmed Nawfal 
 
 PROBLEM 13-12 
 
 
(a) Sales of musical instruments and sound equipment .......... $5,700,000 
 Estimated warranty cost ........................................................ X .02 
 Warranty expense for 2014 ........................................... $ 114,000 
 
(b) Estimated liability for warranties—1/1/14 ............................. $ 136,000 
 2014 warranty expense (Requirement 1) .............................. 114,000 
 Subtotal .......................................................................... 250,000 
 Actual warranty costs during 2014 ....................................... (164,000) 
 Estimated liability from warranties—12/31/14 ...................... $ 86,000 
 
(c) Coupons issued (1 coupon/$1 sale) ..................................... 1,500,000 
 Estimated redemption rate .................................................... .60 
 Estimated number of coupons to be redeemed ................... 900,000 
 Exchange rate (200 coupons for a player) ............................ ÷ 200 
 Estimated number of premium players 
 to be issued ......................................................................... 4,500 
 Net cost of players ($32 – $20) .............................................. X 12 
 Premium expense for 2014 ........................................... $ 54,000 
 
(d) Inventory of premium players—1/1/14 .................................. $ 37,600 
 Premium players purchased during 2014 
 (6,500 X $32) ........................................................................ 208,000 
 Premium players available .................................................... 245,600 
 Premium players exchanged for coupons 
 during 2014 (1,200,000/200 X $32) ...................................... 192,000 
 Inventory of premium players—12/31/14 .............................. $ 53,600 
 
(e) Estimated liability for premiums—1/1/14 .............................. $ 44,800 
 2014 premium expense (Requirement 3) .............................. 54,000 
 Subtotal .......................................................................... 98,800 
 Actual redemptions during 2014 
 [1,200,000/200 X ($32 – $20)] .............................................. 72,000 
 Estimated liability for premiums—12/31/14 .......................... $ 26,800