"an is a leasehold agreement that specifies an initial period of tenancy and the length of the agreement, but does not end after the specified period. this type of leasehold agreement renews automatically at the end of the term unless either party gives notice that they plan to terminate the lease. some jurisdictions require the landlord or tenant to give 30 to 60 days' notice of such intent

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?