In 20x1, stevens corp. began a new product line of wearable technology that carries a 24-month warranty against manufacturer defects. based on industry experience, stevens expects warranty costs to be an amount equal to approximately 9% of total sales dollars. during 20x1, new sales of this technology totaled $3,000,000. the costs incurred to satisfy warranty claims in 20x1 was $95,000. required: answer the following two questions.

a. what should stevens report as the"warranty expense' balance on its 20x1 income statement?
b. what should stevens report as the warranty liability. balance on its balance sheet at 12/31/x1?

10. problems and applications q10 a market is described by the following supply-and-demand curves: qsqs = = 2p2p qdqd = = 300â’p300â’p the equilibrium price is $ and the equilibrium quantity is . suppose the government imposes a price ceiling of $90. this price ceiling is , and the market price will be $ . the quantity supplied will be , and the quantity demanded will be . therefore, a price ceiling of $90 will result in . suppose the government imposes a price floor of $90. this price floor is , and the market price will be $ . the quantity supplied will be and the quantity demanded will be . therefore, a price floor of $90 will result in . instead of a price control, the government levies a tax on producers of $30. as a result, the new supply curve is: qsqs = = 2(pâ’30)2pâ’30 with this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be . the passage of such tax will result in .